Data analysis software provider Teradata reported this afternoon Fourth quarter sales and earnings beating analysts’ expectations and forecast earnings this quarter above consensus, saying total recurring revenue was higher than expected.
The report sent the shares increased by up to 15% in late trading.
CEO Steve McMillan praised the company’s “cloud-first focus” and stated that it was responsible for the company’s annual recurring cloud computing revenue increasing 165% year over year to $ 106 million.
Total recurring revenue for the quarter increased 9% to $ 383 million, above the forecast range of $ 371 million to $ 373 million.
“Our cloud momentum contributed to another strong quarter of performance as we exceeded quarterly expectations for recurring revenue, profitability and free cash flow,” said McMillan.
McMillan added, “We are accelerating our cloud roadmap and bringing cloud-native integrations to record levels …