Cloudera Higher On Q2 Earnings Beat, Company Will Acquire Arcadia Data

Cloudera Inc CLDR shares are trading higher after reporting a second-quarter earnings beat.

Adjusted earnings came in at a loss of 2 cents per share, beating estimates by 8 cents. Sales came in at $196.7 million, beating estimates by $13.43 million.

The company also reported the purchase of Arcadia Data.

"We executed better in Q2, exceeding expectations on all our financial measures. Most importantly, we delivered an initial release of our cloud-native data management and analytics offering, Cloudera Data Platform," said Marty Cole, chairman of the board and interim CEO. "We are focused on meeting our customers' demands for hybrid and multi-cloud solutions that support use cases from the Edge to AI. That is the promise of CDP and the enterprise data cloud.

"Also, our internal metrics and pipeline generation have materially improved from Q1 levels. Together with solid execution in our second quarter, we are 'on plan' for achieving our objectives for this fiscal year."

Highlights

• Annualized Recurring Revenue grew 16% year-over-year
• Non-GAAP subscription gross margin was 86%
• Operating cash flow was negative $33 million

Cloudera shares traded higher by 5.7% in Wednesday's after-hours session. The stock closed at $7.21.