Okta, Cloudera beat Q2 expectations, Tintri misses
Okta reported its second quarter financial results, beating market expectations in its second quarter as a public company.
The identity and device management firm posted a non-GAAP net loss of $15 million, or 16 cents per share, on revenue of $61 million.
Wall Street was expecting a net loss of 26 cents a share on revenue of $55.9 million.
Subscription revenue came to $56.1 million, a nearly 68 percent year-over-year increase.
"We had a very strong second quarter with revenue up 63% year-over-year while operating margin improved significantly once again," CEO Todd McKinnon said in a statement.
He touted the company's recent Oktane17 conference, where the company announced a number of new product enhancements. "With these enhancements, we further extended our leadership in identity management," he said. "The Okta Identity Cloud remains the leading independent and neutral cloud identity solution to manage and secure the extended enterprise and transform the customer experience."
For the third quarter, Okta expects a non-GAAP net loss per share of 25 cents to 24 cents on revenue in the range of $62 to $63 million. For the full fiscal 2018 year, the company a non-GAAP net loss per share of 98 cents to 95 cents on revenue between $243 and $245 million.
Meanwhile, Cloudera also posted second quarter financial results that beat market expectations.
The big data management business reported a non-GAAP loss of $25.3 million, or 17 cents per share, on revenue of $89.8 million.
Wall Street was expecting a net loss of 25 cents a share on revenue of $85.46 million.
Subscription revenue came to $74 million, a 46 percent year-over-year increase, and represented 82 percent of total revenue. The company landed 45 net new Global 8000 customers in the quarter.
"In our fiscal second quarter, we outperformed on sales, customer acquisition, customer expansion and cash flow objectives," CEO Tom Reilly said in a statement. "The enterprise machine learning and analytics market is quickly emerging and we continue to lead its direction through technology and product innovation."
Reilly highlighted Cloudera's acquisition of Fast Forward Labs, a leading machine learning and applied artificial intelligence research and development company.
For the third quarter, Cloudera is expecting a non-GAAP net loss per share in the range of 25 cents to 23 cents on revenue in the range of $90 to $92 million. For the full fiscal 2018 calendar, the company expects a non-GAAP net loss per share in the range of 95 cents to 93 cents revenue in the range of $355 million to $360 million.
Tintri, a specialist in storage systems for virtualization, also reported Q2 financials on Thursday.
The Mountain View-based company delivered net income of $51.7 million, or $2.05. Tintri's non-GAAP loss was $1.03 per share on revenue of $34.9 million.
Wall Street was expecting an earnings loss of 93 cents per share on revenue of $35.68 million.
"While the company's revenue came in at the low end of our expectations, we delivered stronger than projected profitability and cash flow improvements," CEO Ken Klein said in a statement.
The company's recently-announced all-flash platform and additional software offerings "further enhance our differentiation and better enable our customers to transition to the enterprise cloud," Klein said.
For the third quarter, Tintri expects to see a non-GAAP loss per share in the range of 77 cents to 81 cents on revenue in the range of $36 to $37 million.