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Teradata Corporation (NYSE:TDC) reported mixed financial results for the second quarter and announced a restructuring plan that will reduce its global workforce by approximately 9% to 10%.
Teradata reported quarterly earnings of 64 cents per share which beat the analyst consensus estimate of 48 cents per share. The company reported quarterly sales of $436.000 million which missed the analyst consensus estimate of $447.036 million, according to data from Benzinga Pro.
“Teradata delivered another quarter of strong growth in Cloud ARR, increasing 32% in constant currency, and we maintained our robust 123% net expansion rate in the cloud,” said Steve McMillan, President and Chief Executive Officer, Teradata. “We are taking decisive action across the business to improve our execution and efficiency to reaccelerate profitable growth. The underlying fundamentals of our business are strong. In a world where analytics and AI underpin a company’s success, our hybrid cloud platform and foundation of trusted data and analytics are what they need to consistently deliver value to their business.”
Teradata shares fell 12% to trade at $25.66 on Tuesday.
These analysts made changes to their price targets on Teradata following earnings announcement.
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Posted In: TDC