Cloudera reported better-than-expected third quarter results as it aims to gain traction for its Cloudera Data Platform.
The company reported a third quarter net loss of 29 cents a share on revenue of $198.3 million. The non-GAAP third quarter net loss was 3 cents a share.
Wall Street was expecting Cloudera to report a third quarter non-GAAP loss of 6 cents a share on revenue of $189.1 million.
Interim CEO Marty Cole said the company executed well and added that the Cloudera Data Platform offers customers a competitive set of capabilities.
On a conference call with analysts, Cole said:
Over the last 2 weeks, we made CDP data center available well ahead of schedule and announced enhancements to our partner program, Cloudera Connect. In the quarter, our field team continued to ramp its performance, exceeding expectations across a number of dimensions. And we're experiencing improved operating leverage and moving towards substantial positive operating cash flow in fiscal 2021. These accomplishments all represent the progress for the business.
For my time with customers, I've been further convinced that Cloudera's enterprise data cloud strategy is on target and the market opportunity is real.
For the fourth quarter, Cloudera projected revenue between $200 million and $203 million with a non-GAAP loss of 4 cents a share to 2 cents a share. Wall Street was looking for fourth quarter revenue of $196.97 million with a non-GAAP loss of 5 cents a share.
Cloudera said that its fiscal 2020 revenue will be between $782 million to $785 million with non-GAAP net losses between 21 cents a share to 19 cents a share.