Cloudera stock drops more than 25% on exiting CEO, revenue weakness
Cloudera Inc. shares dropped in the extended session Wednesday after the cloud-software company reported that its chief executive was stepping down and that revenue results and outlook were below Wall Street estimates. Cloudera shares dropped 27% after hours, following a 3.3% decline to close the regular session at $8.81. Cloudera said that CEO Tom Reilly will retire on July 31 and that Chairman Martin Cole will serve as interim CEO while the company conducts a search. The company reported a first-quarter loss of $103.1 million, or 38 cents a share, compared with $52.3 million, or 36 cents a share, in the year-ago period. The adjusted loss was 13 cents a share. Revenue rose to $187.5 million from $103.5 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 23 cents a share on revenue of $188.4 million. Cloudera expects a per-share loss of 11 cents to 8 cents a share on revenue of $180 million to $183 million for the second quarter, and a loss of 32 cents to 28 cents on revenue of $745 million to $765 million for the year. Analysts had forecast a loss of 10 cents a share on revenue of $202.9 million for the second quarter, and a loss of 35 cents a share on revenue of $843.8 million for the year.
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