Investors reacted negatively to big-data company Informatica's mixed financial results and soft guidance, leading to a 3% drop in its stock.
Informatica's first-quarter earnings fell slightly below Wall Street's expectations, but its revenue exceeded estimates, increasing by 4% from the previous year to $403.9 million.
Informatica reported a slight profit of $1.34 million for the quarter, a decrease from the $9.3 million net profit in the year-ago quarter.
The company highlighted strong cloud subscription-based annual recurring revenue growth of 30% from the previous year and emphasized the importance of data management for enterprises.