Shares of Cloudera were falling in after-hours trading Wednesday after the company topped expectations for the fiscal first quarter, but issued a tepid sales forecast for the full year.
The enterprise data cloud firm posted $210.5 million in revenue for the quarter ending April 30, representing growth of 12% and higher than an analyst consensus of $204.9 million. Its non-GAAP earnings were 5 cents per share, higher than a consensus of 0 cents.
"We executed extremely well in Q1, particularly as the pandemic was in full effect for more than half of our fiscal quarter," said Cloudera CEO Rob Bearden in a statement. "We believe that remote working environments have placed heightened importance on data, data analysis and data security, which has increased the value of data architecture design and the criticality of hybrid cloud solutions. In addition, CDP Public Cloud is accomplishing exactly what we had hoped in that it has enabled a hybrid multi-cloud architecture for our customers and enhanced our value proposition with customers who plan to take advantage of public cloud infrastructure for certain types of workloads."
For the first quarter, Cloudera's subscription revenue was $187.1 million, an increase of 21% year over year, while annualized recurring revenue grew 11%.
For the full fiscal year, which ends January 2021, Cloudera guided for revenue between $825 million and $845 million, lower than its original full-year forecast of between $860 million to $880 million. Analysts polled by FactSet were modeling sales of $862.3 million on average.
For the current quarter, Cloudera expects revenue between $206 million and $209 million, also lower than a consensus of $213.2 million.
Shares of Cloudera are up 7% year to date.