Apache Hadoop-based software and services distributor Cloudera posted third quarter financial results on Wednesday, satisfying Wall Street exceptions.
The big data management business reported a net loss of $56.6 million, or 40 cents per share. The non-GAAP loss was 17 cents a share on revenue of $94.6 million.
Analysts were expecting a net loss of 24 cents a share on revenue of $91.26 million. Cloudera's shares were up more than five percent in late trading.
Subscription revenue came to $78.1 million, a 48 percent year-over-year increase, and represented 83 percent of total revenue. The company signed 23 net new Global 8000 customers in the quarter.
For the fourth quarter, Cloudera is expecting a non-GAAP net loss per share in the range of 24 cents to 22 cents on revenue in the range of $97 to $99 million. Cloudera raised its guidance for the full fiscal 2018 calendar, saying it now expects a non-GAAP net loss per share in the range of 84 cents to 82 cents and revenue in the range of $361 million to $363 million, up from its previous range of $355 million to $360 million.
"We had another strong quarter in Q3, exceeding expectations on financial measures while increasing our competitive advantage in cloud analytics through significant new product innovation," said
Cloudera CEO Tom Reilly said the company was now at the scale where it "can execute on multiple fronts concurrently" and invest across its portfolio.
"Also, our financial model is exhibiting consistent operating leverage as we march toward operating cash flow break-even," he added.
Cloudera, which went public in April, become Intel's largest-ever datacenter technology investment via a $740 million financial commitment in 2014.