Cloudera, Inc. (NYSE: CLDR) reported its first quarter financial results after the market close on Wednesday. The cloud service provider beat earnings expectations, however, the Company also announced the departure of its Chief Executive Officer Tom Reilly.
Cloudera shares fell as much as 39% at the opening bell on Thursday.
For the first quarter, Cloudera reported earnings loss of USD 0.13 per share on revenue of USD 187.47 Million. Analysts expected earnings loss of USD 0.23 per share on revenue of USD 188.4 Million.
Subscription revenue was USD 154.8 Million at the end of the quarter, increasing from USD 86.76 Million the same quarter a year prior. Services revenue reached USD 32.63 Million compared to USD 16.69 Million a year ago. Annualized recurring revenue grew by 21% year-over-year.
Reilly took on the reign of Chief Executive Officer back in 2013. Prior to him joining Cloudera, Reilly was the Chief Executive Officer of ArcSight and Trigo.
Cloudera announced that Martin Cole, Chairman of the Board, will become interim Chief Executive Officer effective on July 31st. Cole has served as a director on the board since 2017 and has been Chairman of the board since 2018.
“Tom has been an integral part of Cloudera and has led the Company with vision and integrity throughout his tenure,” said Cole.
“We thank Tom for his contributions over the last six years, including leading Cloudera through its substantial fundraising, strategic relationships and acquisitions, as well as its IPO and merger with Hortonworks. Tom and the Board have always been committed to continually evaluating Cloudera’s progress and ensuring that we are executing to drive long-term value. Accordingly, we have mutually agreed with Tom that this is the right time for a leadership transition.”
Reilly and Cole are expected to work together in the meantime to ensure a smooth transition and to lead the Company’s executive team while the Board searches for a permanent Chief Executive Officer.
For the second quarter, Cloudera expects earnings loss between USD 0.11 to USD 0.01 per share on total revenue in the range of USD 180 Million to USD 183 Million.
And as for the rest of fiscal 2020, Cloudera expects earnings loss between USD 0.32 to USD 0.28 per share on revenue in the range of USD 745 Million to USD 765 Million. Refinitiv analysts expect earnings loss of USD 0.36 per share on revenue of USD 834.3 Million.