Hortonworks shares surge 12% after big earnings beat

Hortonworks nasdaqHortonworksThe scene from Hortonworks’ Nasdaq debut in December.

Shares of Hortonworks are up 12% to $US24 in after — hours trading after soundly beating Wall Street targets on its quarterly earnings report.

Hortonworks’ revenue in the first quarter increased by 167% year — on — year to $US22.8 million — well ahead of the $US18.22 million expected by Wall Street analysts.

The company reported an adjusted net loss of 77 cents per share during the quarter, versus the adjusted net loss of 86 cents per share that analysts were expecting. 

Hortonworks, founded by a gaggle of ex-Yahoo engineers who co-developed the crazy — hot Hadoop data processing software together, sells software and services designed to help customers deal with their mountains of data. 

The company raised $US100 million in its IPO last December, initially priced at $US16 per share. 

The company forecast that revenue in the current quarter would range between $US22.5 million and $US23.5 million, which would represent 90 per cent year — on — year growth at the midpoint of the range.

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