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Cloudera posts narrower-than-expected Q3 loss

Cloudera Inc. (CLDR) reported a narrower loss for the third quarter helped by a jump in subscription revenue. The results exceeded analysts’ expectations. The machine learning and analytics platform provider guided fourth-quarter revenue above consensus estimates and raised its fiscal year 2019 outlook.

Net loss diminished to $26.5 million or $0.17 per share from $55.3 million or $0.40 per share in the previous year quarter. Adjusted loss shrunk to $0.03 per share from $0.17 per share a year ago.

Total revenue increased 25% to $118.2 million. Subscription revenue jumped 28% to $99.7 million.

Looking ahead into the fourth quarter, the company expects revenue in the range of $119 million to $122 million and subscription revenue in the range of $101 million to $103 million. Adjusted loss is anticipated to be in the range of $0.12 to $0.10 per share.

For the fiscal year 2019, the company lifted its total revenue outlook to the range of $450 million to $453 million from the prior range of $440 million to $450 million and its subscription revenue estimate to the range of $380 million to $382 million from the previous range of $372 million to $377 million. Adjusted loss guidance was narrowed to the range of $0.40 to $0.38 per share from the prior forecast of $0.53 to $0.50 per share.

Cloud analytics drove Cloudera and Hortonworks to merge

For the third quarter, the company has a dollar-based net expansion rate of 127% and customers with annual recurring revenue greater than $100,000 increased by 33 sequentially to 601. As of October 31, 2018, the company had total cash, cash equivalents, marketable securities and restricted cash of $453.3 million.

In early October, Cloudera and Hortonworks Inc. (HDP) have agreed to combine themselves in an all-stock merger of equals. The 60% of the equity of the combined company would be held by Cloudera stockholders and Hortonworks stockholders will own the balance 40%.

An updated outlook for the combined company will be provided after the closing of the merger and completion of Cloudera’s fiscal 2019 fourth quarter. Cloudera and Hortonworks to hold shareholder meetings to vote on the proposed merger in late December 2018, with the completion of the merger to follow soon thereafter.

Shares of Cloudera ended Tuesday’s regular session down 5.85% at $11.59 on the NYSE. The stock has fallen over 29% in the year so far and over 27% in the past year.

 

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