Pivotal Software. (NYSE: PVTL) stock crashed over 20.9% on September 13th, 2018 (as of 10:48 AM GMT-4; Source: Google Finance) . For the second quarter of 2019, the group’s GAAP operating loss was $35.4 million which is 22% of total revenue, as compared to a loss of $38.2 million in last year. Non-GAAP operating loss was $14.6 million that is 9% of total revenue, compared to a loss of $29.9 million year over year.
GAAP net loss was $35.6 million, compared to a loss of $35.4 million year over year. GAAP net loss per share was $0.14, compared to a loss of $0.52 in Q2 of last year. Non-GAAP net loss was $14.8 million, compared to a loss of $27.1 million year over year. Non-GAAP net loss per share was $0.06, compared to a loss of $0.13 in Q2 of last year. Operating cash flow for the quarter was $18.4 million compared to negative operating cash flow of $56.5 million in Q2 of last year. Cash and cash equivalents were $671.7 million as of August 3, 2018
On the other hand, the group has been winning new customers with differentiated, multi-cloud platform. The subscription revenue was $97.5 million high 51% than previous year and the total revenue is $164.4 million which is 30% increase year over year.
The Subscriptions customers grew 19% year over year to 354 in the current quarter and Dollar-based net expansion rate grew to 150%. The increased productivity our customers achieve is impressive. The significant updates to Pivotal Cloud Foundry in the quarter include the PAS 2.2 delivered support for deployment on Microsoft Azure Stack along with other enhancements to improve developer productivity and security of the platform and the PKS 1.1 included new high-availability deployment options and includes the most recent version of Kubernetes open-source. Time spent on common operational tasks, like operating system patching, is also reduced by over 90%.
Pivotal software joined with Google in launching a new open-source project for serverless functions called Knative. After making significant contributions to Knative, the company will use this along with the own project Riff to create Pivotal Functions Service. HCL, a global systems integrator, extended its collaboration with Pivotal to build a global network of ‘Cloud Native Labs’ where enterprises will be able to build new and modernize existing applications for deployment to PCF.