Cloudera beats Q3 expectations, sees enterprise momentum for its data platform offerings

Cloudera CEO Rob Bearden said the number of paying customers for the Cloudera Data Platform (CDP) increased over 40% in the third quarter.

Cloudera beat estimates for its fiscal third quarter, posting results on Thursday that show rising subscription revenue and enterprise customer momentum. The big data management business reported a net loss of $12.3 million, or 4 cents per share, on revenue of $217.9 million. The company's non-GAAP earnings were 15 cents a share.

Wall Street was expecting EPS of 9 cents a share on revenue of $209.2 million.

Cloudera's subscription revenue came to $197.3 million, up 18% year-over-year. Meanwhile, the company's annualized recurring revenue (ARR) was $756 million, representing growth of 12% from a year ago. The company had $567.5 million in cash and equivalents at the end of the quarter.

In prepared remarks, Cloudera CEO Rob Bearden said the number of paying customers for the Cloudera Data Platform (CDP) increased over 40% in the third quarter.

"With CDP Private Cloud now in-market, our hybrid multi-cloud offerings can be implemented by customers and our Enterprise Data Cloud vision is nearly complete," Bearden said. "We are beginning to see an acceleration of migrations by existing customers from legacy Cloudera and Hortonworks platforms to CDP. We believe that Cloudera has never been better-positioned to capture more of the rapidly growing data management and analytics market opportunity for hybrid multi-cloud solutions."

Cloudera also announced that its board has approved an additional $500 million in share repurchases. 

For the fourth quarter, Cloudera is expecting a non-GAAP EPS in the range of 10 cents to 12 cents, with revenue in the range of $219 to $222 million. Wall Street expects the company to report Q4 earnings of 10 cents per share on revenue of $215.7 million. 

Shares of Cloudera were up almost 11 percent after hours.