Cloudera’s adjusted earnings, revenue exceed expectations as merger agreement remains on track

Cloudera Inc. CLDR,
which is still on track to be acquired by Clayton, Dubilier & Rice LLC and KKR & Co. KKR,
reported fiscal second quarter adjusted earnings and revenue that beat expectations, citing “strong” annual recurring revenue growth (ARR). Shares of the enterprise data cloud company had changed little in premarket trading. Net loss for the quarter ended July 31 narrowed to $33.2 million, or 11 cents per share, from $36.0 million, or 12 cents per share, in the same period a year ago. Excluding one-time items, adjusted earnings per share rose to 15 cents from 10 cents, surpassing the FactSet consensus of 10 cents. Revenue grew 10.1% to $236.1 million, above the FactSet consensus of 226.8 million, while AAR grew 13%. The company said its shareholders have approved the acquisition by Clayton, Dubilier & Rice and KKR, and the deal is expected to close in the second half of 2021. The stock is up 24.0% in the past three months, while the S&P 500 SPX,
has stalled at 7.3%.