Informatica Inc. (INFA) shares plummeted over 32% in the 24-hour session on Thursday, following the release of its fourth-quarter 2024 financial results. Despite reporting better-than-expected earnings, the company's revenue for the quarter fell significantly short of Wall Street estimates, weighing heavily on the stock.
The data management software firm posted non-GAAP earnings of $0.41 per share for the quarter ended December 31, 2024, surpassing the consensus analyst estimate of $0.37 per share. However, revenue for the quarter declined 3.8% year-over-year to $428.3 million, missing the consensus estimate of $456.85 million by 6.25%.
The revenue shortfall was primarily attributed to lower renewal rates of self-managed subscriptions and a decline in the average duration of those self-managed subscription renewals. Despite the disappointing revenue performance, Informatica's annualized recurring revenue (ARR) reached $1.73 billion during the quarter, indicating a solid base of recurring business.
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