Cloudera stock skyrocketed 24 percent Thursday, erasing its year-to-date losses, after the company posted a smaller-than-expected loss for the second quarter of its fiscal year 2019.
Here's how the company did compared with Wall Street estimates:
- Earnings: loss of 8 cents per share vs. loss of 15 cents per share expected by Thomson Reuters consensus estimates
- Revenue: $110.3 million vs. $107.7 million expected by Thomson Reuters consensus estimates
Shares climbed as high as $18.07 in morning trading, turning positive for 2018. Before the surge, the stock had been down 12 percent in 2018 and down nearly 30 percent in the last 12 months.
Thursday's gains make for the stock's best day since going public in April 2017.
Cloudera offers enterprise cloud and data services and counts Hortonworks, Amazon, Google and Microsoft among its competitors.
Subscription services continue to make up the majority of Cloudera's revenue, jumping 26 percent year-over-year to $93.1 million for the second quarter. That accounts for 84 percent of total quarterly revenue.
The company raised its full-year guidance to reflect higher projected subscription revenue. The company now expects revenue in the range of $440 million to $450 million, up from previous projections of $435 million to $445 million.
