INFA - Why Informatica Stock Popped Today
2024-02-15 15:06:23 ET
Shares of Informatica (NYSE: INFA) are up 14.1% as of 2:30 p.m. ET Thursday after the cloud data management company announced better-than-expected quarterly results.
For its fourth quarter of 2023, Informatica's revenue grew 12% year over year (or 10% at constant currency) to $445.2 million, translating to non-GAAP (adjusted) net income of $0.32 per share. Analysts, on average, were only modeling earnings of $0.30 per share on revenue closer to $432 million.
On its top line, Informatica saw a 39% year-over-year increase in cloud subscription revenue to $140.3 million. Cloud subscription annual recurring revenue (ARR) rose 37% to $617 million exiting the year, while total ARR grew 7% to $1.63 million.
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Why Informatica Stock Popped Today