Huawei CEO Ren Zhengfei said in an interview with CNBC the company's business is still strong in China.Technologyread more
The Fed is not likely to make a move on interest rates when it meets this week, but it should clear the way for a rate cut later in the summer.Market Insiderread more
U.S. President Donald Trump officially kicked off his reelection campaign Tuesday at a Florida rally where he exhorted thousands of rollicking supporters to keep advancing his...Politicsread more
Trump's remarks came a day before the Fed was set to announce its next decision on interest rates.Politicsread more
Sen. Josh Hawley, a well-known tech critic, introduced legislation on Wednesday that would remove the immunity big technology companies receive for user-posted content under...Technologyread more
Facebook's new cryptocurrency project, titled Libra and backed by the likes of Visa and Booking Holdings, is being widely embraced by market watchers.Trading Nationread more
Zuckerberg fell out of Glassdoor's top 20 CEO ranking for the first time, although his employee approval rate remains high.Technologyread more
The U.S. and China have imposed tariffs on billions of dollars' worth of one another's goods since the start of 2018.Traderead more
More and more American firms are calling for the Trump administration to resolve its conflict with China.World Economyread more
Adobe expects fiscal third-quarter earnings and revenue that are below what analysts were looking for.Technologyread more
In a tweet, Trump said that he and Xi "had a very good telephone conversation," and that "our respective teams will begin talks prior to our meeting."Politicsread more
Cloudera stock fell more than 28 percent after the company posted guidance that fell below analysts' expectations. But for the fourth quarter of Cloudera's 2018 fiscal year, which ended Jan. 31, the company did beat estimates.
- Earnings: Loss of 10 cents per share, excluding certain items, vs. 23 cents as expected by analysts, according to Thomson Reuters.
- Revenue: $103.45 million in revenue, vs. $98.7 million as expected by analysts, according to Thomson Reuters.
For the first quarter of its 2019 fiscal year, Cloudera said in a statement that it's expecting a net loss of 17 to 19 cents per share, excluding certain items, on $101 million to $102 million in revenue. Analysts polled by FactSet were expecting a loss of 17 cents per share but $102.4 million in revenue, according to StreetAccount.
For the full 2019 fiscal year, Cloudera estimates it will post a loss of 59 to 62 cents per share, excluding certain items, on $435 million to $445 million in revenue. That's below the FactSet consensus estimates of a loss totaling 59 cents per share, excluding certain items, and $460.5 million in revenue, StreetAccount said.
In Cloudera's full 2018 fiscal year, even as revenue grew considerably, losses did, too. Excluding certain items, though, in the 2018 fiscal year Cloudera cut its loss from operations, coming in at $96.6 million, compared with $140.3 million in the previous fiscal year.
The majority of Cloudera's revenue comes from subscriptions. In the 2018 fiscal fourth quarter, Cloudera grew its subscription revenue by 50 percent.
But on a call with analysts after releasing its results, Cloudera CEO Tom Reilly said in the fourth quarter the company pursued too many new customers outside of its target market and fell short in bookings, specifically in the areas of existing customer expansion. The company also found that it was taking more money to acquire new customers and increase spending among existing customers.
Cloudera will make changes in its field sales organization, with specialists coming in to focus on cloud computing, machine learning and analytics, Reilly said. The company is also looking for a new head of sales who can take the company to $1 billion in revenue, he said.
The corporate changes will generate "some uneven results" especially in the first half of the company's 2019 fiscal year, said Cloudera's chief financial officer, Jim Frankola. The company should start benefiting from the changes in the second half of the fiscal year, Reilly said.
The company is optimistic in the long run, "but we want to be prudent and reflect the potential disruption associated with the field changes," Frankola said.