Cloudera beats Q1 estimates, credits CDP Public Cloud for increasing value prop
Cloudera published better-than-expected first quarter fiscal 2021 financial results on Wednesday, crediting its Cloudera Data Platform (CDP) Public Cloud for increasing its value proposition with customers. The strong quarter follows a year of recovery for the company, which delivered disastrous Q1 2020 results following its merger with Hortonworks.
Cloudera's Q1 2021 non-GAAP net income was 5 cent per share, compared to a non-GAAP net loss per share of 13 cents for the first quarter of fiscal 2020. Total revenue for the first quarter was $210.5 million, an increase of 12 percent year-over-year.
Analysts were expecting no net earnings per share on revenue of $204.62 million.
"We executed extremely well in Q1, particularly as the pandemic was in full effect for more than half of our fiscal quarter," CEO Rob Bearden said in a statement. "We believe that remote working environments have placed heightened importance on data, data analysis and data security, which has increased the value of data architecture design and the criticality of hybrid cloud solutions. In addition, CDP Public Cloud is accomplishing exactly what we had hoped in that it has enabled a hybrid multi-cloud architecture for our customers and enhanced our value proposition with customers who plan to take advantage of public cloud infrastructure for certain types of workloads."
Subscription revenue in Q1 came to $187.1 million, an increase of 21 percent year-over-year.
Annualized Recurring Revenue at the conclusion of the first quarter was $723.4 million, representing 11 percent year-over-year growth.
Cloudera launched its highly-anticipated Cloudera Data Platform (CDP) in September, nine months after finalizing the Hortonworks merger. The enterprise data cloud company expanded the availability of CDP in the fourth quarter of fiscal 2020, bringing it to the Microsoft Azure Marketplace. In Q1, Cloudera integrated CDP Public Cloud with the Google Cloud Platform (GCP) and offered the joint product on the GCP Marketplace.
The company plans to release CDP Private Cloud on June 11 at a virtual event, IBM and Cloudera: The Journey to Hybrid Cloud and AI.
For Q2, Cloudera expects total revenue in the range of $206 million to $209 million. For fiscal 2021, it expects total revenue in the range of $825 million to $845 million. Its business outlook is based on the assumption that the recessionary impact of the coronavirus pandemic will peak in Cloudera's second and third quarters of fiscal 2021 and moderate in the fourth quarter.