Pivotal Software (PVTL) - Get Pivotal Software, Inc. Class A Report was crushed in after-hours trading following the release of quarterly earnings -- falling more than 29% to $13.16 on Tuesday night on the New York Stock Exchange.
The company -- which closed the day down .75% to $18.54 -- posted an adjusted loss per share for the first quarter of 3 cents. That's compared to an adjusted loss of a dime the same time last year and lower than Zack's Consensus of a nickel loss.
The company's adjusted operating loss came in at $11.8 million -- 6% of total revenue -- compared to a loss of $21 million in the same quarter last year.
"We had a solid start to the year with 43% subscription growth and customer expansions continued to fuel our strong net expansion rate of 143%. However, sales execution and a complex technology landscape impacted the quarter," said Rob Mee, Pivotal's chief executive, in a statement. "We have taken steps to improve our execution, and remain confident in our strategy and market opportunity for the long term. Pivotal continues to be the best partner for organizations that want to modernize their most important applications."
For the second quarter of fiscal 2020, the company forecasts an adjusted loss from operations of $11 million to $9 million and an adjusted net loss per share of 4 cents to 3 cents. It expects subscription revenue of $131 million to $133 million with total revenue of $185 to $189 million.
The full-year prediction is for an adjusted loss from operations of $49 to $44 million and loss per share of 15 cents to 13 cents. Subscription revenue, meanwhile, is expected to come in at $530 million to $538 million and total revenue at $756 million to $767 million.