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Cloudera Drops 8% On Disappointing FY22 Outlook

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Shares of Cloudera were down 7.6% in Thursday’s pre-market trading after the software company's earnings and revenue outlook for fiscal 2022 fell short of analysts’ expectations. However, Cloudera’s fourth-quarter results topped the Street’s estimates.

Cloudera (CLDR) delivered 4Q earnings of $0.15 per share, which exceeded the consensus estimates of $0.11 per share and surged 274% year-on-year.

Revenues of $226.6 million grew 7% year-over-year and topped the consensus estimates of $221.4 million. The company’s subscription revenues jumped 14% year-over-year, while annualized recurring revenue (ARR) grew 10% in 4Q.

The company’s CEO Rob Bearden said, “Customers migrating to CDP [Cloudera Data Platform] increased from about 10% of our customer base at the time we reported Q3 to more than 15% of our customer base today.” He added, “ARR from CDP now exceeds $60 million of total ARR.”

However, looking ahead, Cloudera expects 1Q (ending Apr. 2021) EPS to be in the range of $0.07-$0.09. Analysts were anticipating earnings of $0.10 per share. Its revenue outlook of $216-218 million also compared unfavorably with analysts’ estimates of $226.8 million.

As for fiscal 2022 (ending Jan. 2022), the company expects to report EPS of $0.35-$0.39, which is lower than the consensus estimates of $0.41 per share. Furthermore, Cloudera projects FY22 revenues to be in the range of $907-927 million, well below the Street’s expectations of $947.6 million. (See Cloudera stock analysis on TipRanks).

Following the results, Needham analyst Jack Andrews maintained a Hold rating on the stock. In a note to investors, the analyst said, “While adoption trends of CDP appear favorable, we await greater proof points of product traction, consistent expansion trends, and improved new logo wins in order to gain confidence that CLDR can participate in a high-growth end market.”

Overall, the Street has a cautiously optimistic outlook on the stock, with a Moderate Buy consensus rating based on 2 Buys and 3 Holds. The average analyst price target of $17.33 implies upside potential of about 17.7% to current levels. Shares have gained over 102% in the past year.

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