Tableau said its customers are shifting to cloud subscriptions faster than expected.
The company reported a first quarter net loss of $54.6 million, or 71 cents a share, on revenue of $199.9 million, up 16 percent from a year ago. Tableau's non-GAAP first quarter loss was 3 cents a share.
Wall Street was expecting Tableau to report a loss of 11 cents a share on revenue of $200.8 million.
Tableau said it closed 294 transactions worth more than $100,000, up 10 percent from a year ago. Tableau ended the quarter with 57,000 customer accounts.
During the quarter all of Tableau's products moved to subscription pricing.
CEO Adam Selipsky said customers "enthusiastically embraced our subscription licensing offerings in Q1." Although Tableau's quarters may be lumpy, Selipsky said the company will see higher demand over time.
He added on a conference call:
While higher ratable mix therefore impact our near-term revenue growth, it speaks to the strong customer demand and longer term revenue potential of our subscription offering. We do our jobs and retain our customers. This should generate strong results over the long term. More and more organizations are demanding subscription purchasing options for all of their software and data analytics is no different.
As for the outlook, Tableau projected a second quarter non-GAAP operating loss to be between 2 cents a share and 9 cents a share. Wall Street was expecting a non-GAAP loss of 4 cents a share. For 2017, Tableau said it is maintaining its outlook for revenue between $850 million and $890 million.