Cloudera's (CLDR) Q2 Loss Narrows, Revenues Increase Y/Y
Zacks Investment Research | Sep 04, 2019 10:24PM ET
Cloudera (NYSE:CLDR) reported second-quarter fiscal 2020 adjusted loss of 2 cents per share, narrower than the Zacks Consensus Estimate of a loss of 10 cents and the year-ago quarter’s loss of 5 cents.
Revenues of $196.7 million surged 74.1% year over year driven by growth in subscription revenues and beat the consensus mark of $182 million. Adjusted annualized recurring revenues (ARR) were $672 million, up 21% year over year. Customers with annualized recurring revenues greater than $100,000 were 953.
Strategic Alliances to Aid Growth
During the reported quarter, Cloudera expanded partnership with International Business Machines (NYSE:IBM) for a go-to-market initiative, aimed at bringing big data and AI solutions to users across the open Apache (NYSE:APA) Hadoop ecosystem.
Moreover, Cloudera entered into an agreement to acquire Arcadia Data, a provider of cloud-native AI-powered business intelligence and real-time analytics.
Product Developments in the Quarter
Cloudera delivered the initial release of cloud-native data management and analytics offering, Cloudera Data Platform, including Data Hub, Data Warehouse, and Machine Learning public cloud services.
Additionally, Cloudera launched Enterprise data cloud solution for digital transformation aimed at driving customer retention and profitability, improving regulatory compliance, reducing fraud, and identifying AML (anti-money laundering). Notably, this solution has been adopted by a number of global financial services institutions.
The company also announced a new open source licensing and distribution framework, aligning Cloudera's model with the industry standard set by Red Hat. All Cloudera software will be licensed under an OSI-validated open source license in the future.
Cloudera, Inc. Price, Consensus and EPS Surprise
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