Cloudera Inc (NYSE: CLDR) stock crashed over 39.9% on April 4th, 2018 (As of 12:16 PM GMT-4; Source: Google finance) post a weak fourth quarter and outlook. Services gross margin during the quarter of 2018 fell to 24% as compared to 29% in pcp. For fiscal 2018, the services gross margin fell to 17% against 24% in fiscal ‘17. Services revenue and margins have a high degree of quarter-to-quarter variability as compared to subscription revenue, due to the timing of project work and the nature of customer subscription agreements. For the fiscal year of 2018, the group reported an operating loss of $97 million representing a negative operating margin of 26% as compared to a negative operating margin of 54% for the prior fiscal year. Non-GAAP net loss per share reached $0.10 during the fourth quarter based on 143 million weighted average shares outstanding as compared to a net loss per share of $0.30 in the fourth quarter of fiscal ‘17. For fiscal ’18, the non-GAAP loss per share reached $0.59 based on 133 million weighted average shares outstanding compared to a loss per share of $1.26 for fiscal ‘17. But for the fiscal year 2019, the group expects a more Non-GAAP net loss per share in the range of $0.62 to $0.59 based on over 152 million weighted average shares outstanding. Operating cash flow is expected to be negative $40 million to $35 million for the year.
During the fourth quarter of 2018, the Subscription software revenue rose 50% yoy to $84.3 million while, revenue surged 42% yoy to $103.5 million. Subscription software revenue equals 81% of revenue, which is a rise from 77% in fourth quarter of 2017. International revenue enhanced 66% to Q4 ’18 as compared to Q4 ‘17. Overall, revenue reached $367 million for the fiscal year representing 41% growth over fiscal 2017. International revenue surged 62% on a yoyo basis. The group added 32 net new Global 8000 customers in Q4 and 132 in total for the year.
The group has >60 customers with annual recurring software revenue in excess of $1 million, which is a rise from 50 in the prior quarter. During the fourth quarter, the subscription gross margin was 86% which is a rise of over 200 basis points against pcp. For the full year, subscription gross margin rose 300 basis points to 85%.