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Following the report about takeover bids from private equity firms, Cloudera stock soared as much as 22% on Tuesday. At the close, Cloudera shares were 18.69% up, at $12.00.
Enterprise data cloud company Cloudera Inc (NYSE: CLDR) is reportedly working with a financial advisor to consider a potential sale. According to the Bloomberg report, Cloudera has already received several takeover bids, but no decision has been made.
Cloudera has declined to comment on the sale rumors. But according to unidentified sources, there are private equity firms among the potential buyers.
Following the report about takeover bids, Cloudera stock soared as much as 22% on Tuesday. At the close, Cloudera shares were 18.69% up, at $12.00. After hours, CLDR stock added another 1.58% to $12.19. In the pre-market today, it makes up $12.32 per share or 2.63% higher. Cloudera’s market cap is $3.41 billion.
Founded in 2008, Cloudera provides a software platform for data engineering, data warehousing, machine learning, and analytics that runs in the cloud or on-premises. Last year, the company merged with a rival Hortonworks in a stock swap. The deal valued the combined companies at $5.2 billion. After the merger, Cloudera appointed Hortonworks co-founder Robert Bearden as CEO.
Today, Cloudera Data Platform (CDP) combines the best of Hortonworks’ and Cloudera’s technologies to deliver the industry’s first enterprise data cloud. CDP delivers powerful self-service analytics across hybrid and multi-cloud environments, along with sophisticated and granular security and governance policies that IT and data leaders demand.
Cloudera’s Performance during COVID-19 Pandemic
Last week, Cloudera reported its earnings for Q1 2020 that coincided with the coronavirus pandemic. Its earnings topped expectations but pointed to lower-than-expected revenues for the quarter and the rest of the year.
Cloudera’s revenue rose to $210.5 million from $187.5 million in the year-ago quarter. Meanwhile, analysts had predicted the revenue of $204.9 million. The company has also reported a first-quarter loss of $58 million, or 20 cents a share, compared with a loss of $103.1 million, or 38 cents a share, in the year-ago period. Adjusted earnings were 5 cents a share.
Gross profit rose by 24% to $156.2 million. Cloudera also narrowed its GAAP net loss to $58 million, from a year-ago loss of $103 million.
Rob Bearden stated:
“We executed extremely well in Q1, particularly as the pandemic was in full effect for more than half of our fiscal quarter. We believe that remote working environments have placed heightened importance on data, data analysis, and data security, which has increased the value of data architecture design and the criticality of hybrid cloud solutions.”
For the second quarter, Cloudera expects adjusted earnings of 6 cents to 7 cents a share on revenue of $206 million to $209 million. For the year, it expects 26 cents to 30 cents a share on revenue of $825 million to $845 million.