CLDR stock jumped 15% in the early session on Wednesday after Cloudera Inc’s (NYSE:CLDR) Q4 results topped Wall Street estimates.
Cloudera Tops Analysts’ Q4 2020 Estimates
The big data company reported adjusted earnings of $0.04 per share on sales of $211.7 million. This topped Wall Street’s forecasts that the company will post a quarterly loss of $0.03 per share on revenue of $201.79 million. For the full fiscal year 2020, the company reported a loss per share of $0.13 on revenue of $794.2 million.
Similarly, the cloud data company’s other growth metrics were equally strong, which indicates that the company is experiencing significant growth at the moment. Annualized recurring revenue grew 11% from a year ago with the company posting revenue of $731.2 million.
CLDR stock is now trading higher by 9.90% at $8.63.
Growth of Cloudera Data Platform Boosted Growth in Q4 2020
In a statement, Cloudera CEO Rob Bearden indicated that the company has continued to execute its strategy well, which resulted in a strong fourth quarter on financial and operational metrics. Bearden became the CEO of the company early this year. He added that they were delighted to experience a robust interest in the Cloudera Data Platform (CDP), with most customers across the company’s base, developing plans for CDP Public cloud adoption.
The company launched the Cloudera Data Platform in September last year following the completion of its merger with Hortonworks. In the fourth quarter, the company expanded CDP availability and brought it to Microsoft Corp’s (NASDAQ:MSFT) Azure Marketplace, making it available to more customers. The CEO confirmed that Cloudera is planning to release the CDP Private Cloud in the second quarter of fiscal 2021.
>> TSLA Stock Jumps as Company Makes One Millionth Car
Bearden added that he was enthusiastic about the setup of the company as it enters another phase of market evolution. Cloudera is more focused on helping customers realize genuine hybrid and multi-cloud data solutions.
For the first quarter fiscal 2021, the company is expecting revenue to be between $202 million and $207 million.
CLDT stock has lost about 28% since the beginning of this year.
Featured image: DepositPhotos © Alexstar
