Categories AlphaGraphs, Earnings, Technology
Cloudera misses Q1 revenue estimates and cuts down fiscal 2020 revenue guidance; CEO Tom Reilly to retire
Cloudera (NYSE: CLDR) provided mixed results for the first quarter of 2020. The company reported non-GAAP net loss of $0.13 per share on revenue of $187.5 million. Analysts had predicted Cloudera to report a loss of 23 cents per share on revenue of $188.48 million for the recently ended quarter. Cloudera also cut down its outlook for fiscal 2020.
Cloudera also reported in a separate release that Tom Reily will be retiring as CEO and as a member of Board of Directors, effective July 31, 2019. Martin Cole, Chairman of the Board, will become interim CEO, effective at the end of Mr. Reilly’s transition.
Cloudera stock, which plunged to a new all-time low ($8.52) during today’s regular trading session, further nosedived about 25% during the extended hours.
For the three month period, customers with annualized recurring revenue (ARR) greater than $100,000 sequentially declined to 929 from 976 in the fourth quarter of 2019.
For the second quarter of fiscal 2020, Cloudera views revenue to be in the range of $180 million to $183 million with subscription revenue in the range of $155 million to $157 million. Non-GAAP net loss per share is expected to be in the range of $0.11 to $0.08 per share.
Cloudera reduced its revenue outlook for the fiscal year 2020 ending January 31, 2020. The enterprise big data company now expects revenue to be in the range of $745 million to $765 million versus the prior estimate of $835 million to $855 million. Subscription revenue is now expected to be in the range of $635 million to $645 million compared to the prior guidance of $695-705 million range.
Fiscal 2020 non-GAAP net loss per share is now estimated to be in the range of $0.32 to $0.28 per share compared to the prior non-GAAP net loss outlook of $0.36 to $0.32 per share.
CEO Tom Reilly said, “Our enterprise customers are excited about extending their analytic workloads to the public cloud through Cloudera Data Platform, which will be available this summer.”
He also added that some customers’ decision in the first quarter of postponing renewal and expansion of their agreements in anticipation of the new platform’s release affected the company’s full-year outlook.
Also Read: Coupa Software’s top and bottom line results for Q1 exceeds estimates
With regards to the CEO transition, Martin Cole will work with Tom Reilly to help ensure a smooth transition and to lead the company’s executive team while the Board conducts a search for a permanent CEO.
The Board has appointed a committee consisting of board members Peter Fenton, Kim Hammonds, Michael Stankey and Mr. Cole to work with a leading executive recruiting firm to conduct the search for Cloudera’s next CEO.
Shares of the Palo Alto, California-based company have slumped 21% in the year-to-date period and 49% in the past 52 weeks.
Listen to on-demand earnings calls and hear how management responds to analysts’ questions
Most Popular
What to look for when CVS Health (CVS) reports Q3 earnings
Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain
eBay (EBAY): A few factors that helped drive growth in Q3 2024
Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,
CVX Earnings: Chevron reports lower revenue and profit for Q3 2024
Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to