By ET Bureau - February 14, 2023 1 Mins Read
Following the release of better-than-anticipated fourth-quarter financial results, shares of Teradata Corp. climbed by more than 15% today. Currently, Teradata is refocusing its business strategy on the Vantage platform’s cloud version.
Sales for the company totaled USD 452 million in the fourth quarter, which was flat year over year and 5% less than the previous quarter. In the same period, Teradata’s cloud software division saw a 77% increase in its annual run rate of revenue, to USD 357 million. The popularity of the Vantage cloud edition enabled Teradata to outperform forecasts for its financial performance.
The company’s fourth quarter revenue of USD 452 million exceeded the consensus estimate of USD 423 million by a significant amount. In contrast, Teradata’s adjusted earnings came in at 35 cents per share, which is higher than the analysts’ projected 31 cents but lower than the 57 cents it reported a year ago.
The platform covers e entire enterprise technology space- including emerging technologies like RPA, AI, cloud, automation, and the entire gamut of digital transformation tools, strategies and management decisions.
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