Cloudera beats Q2 estimates as subscription revenues rise
Cloudera beat estimates for its fiscal second quarter, posting results on Wednesday that show its subscription revenue is on the rise. The big data management business reported a net loss of $33.4 million, or 22 cents per share, on revenue of $89.8 million. The non-GAAP earnings loss was 8 cents a share.
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Wall Street was expecting a net loss of 15 cents a share on revenue of $107.7 million.
Subscription revenue came to $93.1 million, a 26 percent year-over-year increase, and represented 84 percent of total revenue. The company had $458.2 million in cash and equivalents at the end of the quarter.
"In Q2 we made substantial progress in our product and go-to-market transitions, delivering strong financial results in the quarter and accomplishing many of our goals for sustained success in our market," CEO Tom Reilly said in a statement.
Reilly highlighted the launch of three new Cloudera data warehouse offerings during the quarter, which he says illustrates the company's ability "to innovate in highly differentiating ways."
For the third quarter, Cloudera is expecting a non-GAAP net loss per share in the range of 12 cents to 10 cents on revenue in the range of $113 to $114 million. For the full fiscal 2018 calendar, the company expects a non-GAAP net loss per share in the range of 53 cents to 50 cents revenue in the range of $440 million to $450 million.
Shares of Cloudera were up more than 11 percent after hours.