https://www.marketwatch.com/story/teradata-slides-13-after-2q-revenue-falls-guidance-cut-243b01c6
DOW JONES NEWSWIRES
Teradata Slides 13% After 2Q Revenue Falls, Guidance Cut
Published: Aug. 6, 2024 at 1:54 p.m. ET
By Victor Swezey
Shares of Teradata dropped after the cloud-analytics company's revenue fell in the second quarter and it cut its guidance for revenue and adjusted earnings per share.
The stock was down 13%, to $25.35, in Tuesday afternoon trading. Shares are down 42% this year, hitting a 52-week low of $24.02.
The San Diego-based company on Tuesday reported earnings of $37 million for the quarter ended June 30, or 38 cents a share, compared to $17 million, or 17 cents a share, a year earlier. Analysts polled by FactSet had expected earnings of 24 cents a share.
Revenue fell 1%, to $436 million, from $462 million, short of analyst expectations of $445.7 million.
The company said it plans to cut 9% to 10% of its global workforce, which it said will result in operating expenses falling by $75 million to $80 million and adjusted operating profit benefiting by $15 million to $20 million.
Teradata trimmed its full-year revenue guidance to a decrease of 2% to 4%, from a previous range of flat to 2% growth. Outlook for adjusted earnings per share was revised to between $2.20 and $2.26 from a previous range of $2.15 to $2.31.
Write to Victor Swezey at victor.swezey@wsj.com