Informatica logs earnings beat, following acquisition flirtation with Salesforce

By Jon Swartz

Annual recurring revenue increased 13%

Informatica Inc. beat expectations with its latest quarterly results Wednesday, but its stock barely budged in after-hours trading.

"What we have built is the AI-powered data-management platform for mission-critical operational workloads for enterprises," Chief Executive Amit Walia said in an interview. He said that annual recurring revenue increased 13% year over year to $1.16 billion.

Informatica (INFA) posted first-quarter net income of $9.3 million, or 3 cents a share, compared with a net loss of $116.4 million, or 41 cents a share, in the same quarter a year ago. Adjusted earnings were 22 cents a share.

Total revenue was $388.6 million, up slightly from $365.4 million in the year-ago quarter.

Analysts surveyed by FactSet had expected, on average, adjusted earnings of 20 cents a share on revenue of $388 million.

Shares ended the extended session up 0.03%.

Informatica, which has been linked to a potential acquisition by Salesforce Inc. (CRM) that fell through, provided second-quarter sales guidance of $394 million to $410 million. FactSet analysts are forecasting $401 million.

Walia declined to address a potential deal, instead emphasizing larger economic factors.

"So much this quarter has been focused on macro events like the [Federal Reserve] and [the consumer-price index]," Walia said. "It has superseded everything else."

Shares of Informatica, which operates a cloud platform for data management, have improved 8.7% this year through Wednesday, while the broader S&P 500 SPX has advanced 5%.

-Jon Swartz

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

05-01-24 2021ET

Copyright (c) 2024 Dow Jones & Company, Inc.