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Big data pioneer Cloudera Inc. saw its stock lose more than 10% of its value in late trading today after offering revenue guidance for the next quarter and full year that came in far below analysts’ expectations.
It followed a strong fourth-quarter performance in which the company beat Wall Street’s targets by a good margin.
Cloudera, which sells data engineering, data warehousing, machine learning and analytics software to enterprises, reported a profit before certain costs such as stock compensation of 15 cents per share on revenue of $226.6 million, up 7% from a year ago. Analysts had been looking for earnings of 11 cents per share on revenue of just $221.4 million.
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Chris has covered Tech and Telecom companies for The Motley Fool since 2012. Follow him on Twitter for the latest tech stock coverage. Follow @tmfnewsie
What happened
Shares of
Cloudera (NYSE:CLDR) dropped sharply this morning after the company reported its fourth-quarter and fiscal year 2021 results. Despite a strong fourth quarter, investors were upset with the tech stock s guidance for the current fiscal year.
The stock was down by 14.3% as of 10:28 a.m. EST.
So what
Cloudera reported non-GAAP (adjusted) diluted earnings of $0.15 per share in the fourth quarter, which easily beat Wall Street s consensus estimate of $0.11 per share. The company s fourth-quarter sales of $226.6 million also surpassed analysts consensus estimate of $221.4 million.
Why Cloudera Stock Is Plummeting Today fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
Cloudera Reports Fourth Quarter and Fiscal Year 2021 Financial Results
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SANTA CLARA, Calif., March 10, 2021 /PRNewswire/ Cloudera, Inc. (NYSE: CLDR), the enterprise data cloud company, reported results for its fourth quarter and fiscal year 2021, ended January 31, 2021. Total revenue for the fourth quarter was $226.6 million, an increase of 7% as compared to the fourth quarter of fiscal 2020. Subscription revenue was $206.8 million, an increase of 14% as compared to the fourth quarter of fiscal 2020. Annualized Recurring Revenue grew 10% year-over-year.
(PRNewsfoto/Cloudera, Inc.)
(PRNewsfoto/Cloudera, Inc.) Cloudera Data Platform demonstrated significant momentum in the quarter, said Rob Bearden, chief executive officer, Cloudera. Customers migrating to CDP increased from about 10% of our customer base at the time we reported Q3 to more than 15% of our customer base today. Most impressively, ARR from CDP now exceed