Informatica (NYSE:INFA) shares were trading around 2% lower Thursday morning following the company’s reported Q3 results, with revenue coming in at $372 million, missing the Street estimate of $390.16 million. Quarterly EPS of $0.18 was in line with expectations.
Key metrics performed relatively well with the company beating Street expectations on ARR, Subs ARR was at the top-end of guidance and Cloud ARR was within the guided range. Gross and net renewals rates remained healthy and the company outperformed on margins. However, this is somewhat overshadowed by the company reducing its fiscal 2022 ARR outlook by $22 million, Cloud ARR by $15 million & revenue by $40 million.
The company expects 2022 revenue to be in the range of $1.51-1.52 billion, worse than the Street estimate of $1.55 billion.