Venerable Big Data company Teradata this afternoon pre-announced for its Q1 results, raising its outlook for profit above its prior outlook, and above what analysts have been modeling, and indicating its revenue will be higher than expected as well.
The company also forecast higher annualized recurring revenue from its public cloud operations.
The report sent Teradata shares soaring by almost 30% in late trading.
The company said in prepared remarks, “During the first quarter of fiscal 2021, the Company performed strongly across all its revenue categories, resulting in total revenues being comparable to the fourth quarter of fiscal 2020, rather than lower on a sequential basis but higher than the prior year period per the previous guidance.”
Revenue in Q4 had been $491 million. Ergo, if this quarter’s revenue is comparable, it is higher than the $449 million the Street has been modeling.
Teradata added, “In addition, the Company experienced strong gross margin performance. These results, combined with Teradata’s focus on operating expenses, delivered the Company’s strong earnings performance.”
Profit per share in the three months ended in January is now expected in a range of 67 cents to 69 cents a share, which is well above the 38 cents to 40 cents the company forecast back on February 4th.
Analysts had been modeling 39 cents per share.
Teradata now expects annualized recurring revenue from public cloud of $16 million to $18 million, higher than the $10 million to $15 million it had previously forecast.