Cloudera Inc. (NYSE: CLDR) turned to profit in the third quarter from a loss last year as strong demand growth lifted the enterprise data cloud company’s revenues. The results also topped the Street view.
The Palo Alto, California-based tech firm reported adjusted earnings of $0.15 per share for the October-quarter, compared to a loss of $0.03 per share in the same period of last year. The latest number exceeded the forecast. On an unadjusted basis, net loss was $13.95 million or $0.04 per share, which marked an improvement from last year’s loss of $82.12 million or $0.29 per share.
Read analysts/management’s comments on Cloudera’s Q3 earnings
At $217.9 million, revenues were up 10% from the third quarter of 2020. Market watchers had predicted slower growth.
Cloudera’s stock closed Thursday’s trading session higher and continued to gain in the after-hours, following the earnings release. The stock is currently trading at the levels seen at the beginning of the year.