Shares in Cloudera Inc. (NYSE:CLDR), the cloud-software group, shot up in premarket trade Thursday after the company reported a smaller-than-expected loss for its fiscal second quarter results.
Shares in Cloudera soared 15.2% to US$16.60 before the opening bell.
For the second quarter of its fiscal year 2019, Cloudera reported a loss of US$0.08 per share on revenue of US$110.3mln. The consensus estimate was a loss of US$0.15 per share on revenue of US$107.6mln. Revenue grew 22.8% on a year-over-year basis.
READ: Cloudera shares plunge in pre-market amid poor growth reports
"In 2Q we made substantial progress in our product and go-to-market transitions, delivering strong financial results in the quarter and accomplishing many of our goals for sustained success in our market," said Cloudera CEO Tom Reilly. "We continue to innovate in highly differentiating ways. With three new modern data warehouse offerings, we are well-positioned to disrupt the legacy data warehouse industry."
Subscription services continue to make up the majority of Cloudera's revenue, jumping 26% year-over-year to US$93.1mln for the second quarter.
Based on strong subscription revenue, the company raised its full-year guidance to range between US$440mln to US$450mln, up from previous projections of US$435mln to US$445mln.
Cloudera offers enterprise cloud and data services and counts Amazon.com (NASDAQ:AMZN), and Microsoft Corp (NASDAQ:MSFT) among its competitors.
Contact Uttara Choudhury at uttara@proactiveinvestors.com
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