Shares of Cloudera (NYSE:CLDR) dropped sharply this morning after the company reported its fourth-quarter and fiscal year 2021 results. Despite a strong fourth quarter, investors were upset with the tech stock's guidance for the current fiscal year.
The stock was down by 14.3% as of 10:28 a.m. EST.
Cloudera reported non-GAAP (adjusted) diluted earnings of $0.15 per share in the fourth quarter, which easily beat Wall Street's consensus estimate of $0.11 per share. The company's fourth-quarter sales of $226.6 million also surpassed analysts' consensus estimate of $221.4 million.
Cloudera's subscription revenue jumped 14% year over year, and its annualized recurring revenue (ARR) increased 10% in the fourth quarter.
The company's CEO, Rob Bearden, said that its Cloudera Data Platform "demonstrated significant momentum in the quarter" and represents more than 15% of the company's total customers now.
But despite the revenue and earnings beat, investors appeared disappointed with the tech company's full-year guidance.
Cloudera management issued fiscal year 2022 guidance between $907 million and $927 million and earnings between $0.35 and $0.39. But analysts were estimating sales of $948 million and earnings of $0.48 per share.
Despite management issuing guidance that's lower than Wall Street's expectations, investors may want to focus more of their attention on the company's strong fourth-quarter and full-year 2021 performance, rather than selling the stock based on analysts' future predictions.