Shares of Cloudera (NYSE:CLDR) jumped as much as 17% this morning after the company reported third-quarter earnings. The results topped expectations and Cloudera issued strong guidance. As of 12:30 p.m., the stock had given up some of those gains and was up 9%.
Revenue in the fiscal third quarter came in at $217.9 million, topping the consensus estimate of $209 million in sales. That resulted in adjusted earnings per share of $0.15, also ahead of the $0.09 per share in adjusted profits that analysts were modeling for. The data analytics technology company finished the quarter with annualized recurring revenue of $756 million.
"We believe that Cloudera has never been better-positioned to capture more of the rapidly growing data management and analytics market opportunity for hybrid multi-cloud solutions," CEO Rob Bearden said in a statement. "As a result, we have announced today that the board has authorized the repurchase of an additional $500 million in shares of our stock."
Cloudera provided upbeat outlook for the fiscal fourth quarter, with revenue forecast in the range of $219 million to $222 million, including subscription revenue of $199 million to $202 million. That guidance is comfortably above the consensus estimate of $215.2 million. Adjusted operating income should be $35 million to $40 million, which should all result in adjusted earnings per share of $0.10 to $0.12. Wall Street is currently expecting $0.10 per share in adjusted profits next quarter.