Shares of data storage company Cloudera (CLDR) - Get Report floated upward on Thursday, gaining more than 10% in early trading after the company posted a narrower-than-expected fiscal second-quarter loss and stronger revenue amid an increase in subscription users of its cloud-based storage offerings.
The Palo Alto, California-based company posted a quarterly non-GAAP loss from operations of $7.4 million, or 2 cents a share, vs. a non-GAAP loss from operations of $8.3 million, or 5 cents a share, in the year-ago quarter. Analysts polled by FactSet had been expecting a per-share loss of 10 cents.
Revenue came in at $196.7 million, above the $113 million it booked in the comparable year-earlier period and also above the $188.3 million expected by analysts.
For the fiscal year, Cloudera said it expects to post a non-GAAP per-share loss of between 24 cents and 28 cents on revenue of between $765 million and $775 million - both better than analysts' current average forecasts of a loss of 31 cents a share on revenue of $752.4 million.
"Together with solid execution in our second quarter, we are 'on plan' for achieving our objectives for this fiscal year," interim CEO Marty Cole said in a statement.
Shares of Cloudera jumped more than 10% in early trading on Thursday, gaining 76 cents to $7.98.
