Shares of Cloudera and MongoDB dropped in extended trading even after the two developers of open-source data software reported better-than-expected first-quarter financials.
Cloudera fell as much as 10 percent to $15.50 after hours, while MongoDB declined as much as 5.6 percent to $48.41.
The two companies were part of a crop of software vendors founded about a decade ago to help businesses analyze vast amounts of disparate data in ways that were impossible using legacy databases. Both went public last year and they have almost identical stock market values, right around $2.5 billion.
Cloudera said revenue in the period jumped 29 percent to $102.7 million, topping the $101.5 million average analyst estimate, according to Thomson Reuters. Cloudera’s net loss, excluding certain items, came in at 17 cents, while analysts expected an 18-cent loss.
In April Cloudera shares fell more than 40 percent, a day after the company announced worse-than-expected results for its fiscal fourth quarter. A few weeks later Cloudera said it was forming three business units to focus on growth areas. Meanwhile, CEO Tom Reilly told analysts on a conference call Wednesday that the company should wrap up its previously announced search for a new head of sales “in the next few months.”
MongoDB, meanwhile, was soaring heading into Wednesday’s earnings report, up 73 percent in 2018.
MongoDB said quarterly sales climbed 49 percent to $48.2 million, exceeding the $46.4 million estimate of analysts surveyed by Thomson Reuters. The company’s loss of 43 cents, excluding some items, was in line with estimates.