Hortonworks Q2 2017 revenue soars as the highest revenue of any quarter so far, with a significant increase the company commends IBM partnership.
Hortonworks revenue soared in the second quarter, with reports that it delivered the highest revenue of any quarter to date.
Revenues for the second quarter have been reported as $61.8 million, which shows a 42 percent increase compared to its second quarter of 2016.
Hortonworks’ partnership with IBM is seen as a core factor for the company’s growth in this quarter, as the company expanded its collaboration with IBM in June to deliver the data science and machine learning offerings to more developers and also across Apache Hadoop ecosystem.
During the second quarter of the year, both companies came together to combine Hortonworks Data Platform (HDP) with IBM Data Science Experience and Big SQL to develop new integrated solutions.
Rob Bearden, CEO and Chairman of the board of directors, Hortonworks said: “The second quarter of 2017 was a significant milestone for Hortonworks, as we set another record revenue target by growing revenue 42 percent year over year.
“The team executed very well and was focused on meeting a set of challenging goals, including significantly expanding our partnership with IBM. We have gained momentum each quarter this year by growing our footprint with existing customers and adding key new enterprise customers. We are on track for our most productive year ever.”
The company has also delivered new solutions in order to provide a wider offering for customers. This includes its DataFlow 3.0, which it made available with new features such as streaming analytics applications as well as its first flex support subscription for cloud and data centre support. Both were announced in June 2017.
The open source big data company reported total GAAP profit as being $41.4m for Q2, compared to $25.6m for the same period last year. Non GAAP gross profit stood at $43.4m compared to $27m for the same period a year ago.
Despite this, GAAP operating loss was $54.5m for Q2 2017, compared to $64.3m for the same period last year. Non-GAAP operating loss was $27m, compared to $41.6m for the previous year. There are some improvements on this front, with the result showing declining losses. However, GAAP net loss stands at $56.1m, down from $64.2m for the previous year.
Non-GAAP net loss was $28.6m for 2017 Q2, down from $41.5m for the same period last year.
Cash and investments fell from $89.2m as of December 31st 2016 to $71.8m as of 30th June 2017.