What happened

Shares of Cloudera (NYSE:CLDR) have gotten crushed today, down by 11% as of 12:45 p.m. EDT, after the company reported fiscal second-quarter results. The results and guidance topped expectations, but tech stocks are broadly tanking in today's session.

So what

Revenue in the fiscal second quarter was $214.3 million, compared to the consensus estimate of $208.1 million. That resulted in adjusted earnings per share of $0.10, while Wall Street was modeling for just $0.07 per share in adjusted profits. Annualized recurring revenue (ARR) at the end of the quarter was $739 million.

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"We achieved a major milestone last month with the general availability of Cloudera Data Platform Private Cloud, significantly advancing our Enterprise Data Cloud strategy," CEO Rob Bearden said in a statement. "CDP offers a powerful hybrid architecture that separates compute and storage while maintaining data context for greater agility, ease of use and more efficient infrastructure consumption."

Now what

Outlook for the fiscal third quarter calls for revenue of $207 million to $210 million, comfortably ahead of the $205.3 million in sales that analysts are modeling for. That forecast includes subscription revenue of $187 million to $190 million. Cloudera boosted its full-year guidance and now sees revenue of $839 million to $853 million for fiscal 2021, up from a prior range of $825 million to $845 million. Adjusted earnings per share for the year should be $0.32 to $0.35.

JPM Securities and Morgan Stanley reiterated buy-equivalent ratings and increased their price targets to $19 and $16, respectively. Wedbush is keeping a neutral rating and boosting its price target to $16.

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