Big data company Alteryx Inc.’s stock tumbled in after-hours trading today after it offered an outlook that was some way below Wall Street’s expectations.

That came after a strong second quarter performance. The company reported a loss before certain costs such as stock compensation of 8 cents per share on revenue of $120 million, up almost 25% from a year ago. It was quite a bit better than expected too, with analysts looking for a wider loss of 25 cents per share on revenue of just $113 million.

Alteryx Chief Executive Mark Anderson (pictured) said in a statement the company was making “meaningful progress” on it transformation journey, pointing to annual recurring revenue growth of 27% as evidence of that. “We also see significant momentum with our go-to-market strategy under our new Chief Revenue Officer, Paula Hansen,” he added.

Alteryx sells Extract, Transform and Load or ETL tools that are used to prepare companies’ data for analysis. Its platform offers baked-in connectivity to business intelligence tools such as Experian and Tableau, and features specialized capabilities such as data mining, data cleansing and geospatial analytics.

The company has struggled of late, with Anderson stepping into the CEO role last October to try and turn things around after missteps with sales execution hurt its bottom line last year.

The new CEO seems to be making progress as there were a number of encouraging signs in its quarterly statement. As well as the ARR growth, the company reported a dollar-based net retention rate of 120% in the quarter. Net dollar retention is a key metric that represents how much revenue growth or churn a company has over time from its existing customer base.

Alteryx also added 191 net new customers during the quarter, bring its total customer bases to 7,405, up 10% from a year ago.

That said, there is still a long way to go and investors reacted with horror when the company offered guidance for the next quarter. For the third quarter, Alteryx said it sees a loss of 21 cents to 18 cents per share on revenue of $121 million to $124 million. Wall Street had forecast a loss of just 3 cents per share on revenue of $146.9 million.

The full year picture doesn’t get much better. Alteryx updated its forecast for that, saying it sees a total loss of between 12 cents and 26 cents per share on revenue of $520 million to $530 million. That is some way below the analysts’ consensus of a penny per share loss on $571 million in revenue.

Alteryx’s stock was down almost 8% in after-hours trading.

Photo: Alteryx