Shares in Informatica Inc. fell slightly in late trading after the data integration firm reported revenue and earnings roughly in line with expectations.

For its first quarter that ended March 31, Informatica reported earnings before costs such as stock compensation of 15 cents per share, down from 20 cents in the same quarter of last year, on revenue of $365.4 million. Earnings aligned with the Zacks Consensus Estimate, while revenue was 2.3% higher than expected.

Informatica’s subscription revenue rose 8% year-over-year to $213.9 million and annual recurring revenue rise 10% to $1.53 billion. The company had adjusted free cash flow after tax in the quarter of $123.4 million.

Highlights in the quarter included Informatica now having 208 customers with an ARR of more than $1 million as of the end of March, up 27% year-over-year, while customers spending more than $100,000 in ARR were up 11% to 1,921. The amount of data Informatica processes hit 54.3 trillion cloud transactions a month in the quarter, up from 32.2 trillion per month in the same quarter of last year.

The quarter also saw the launch of Informatica Cloud Data Integration Free and PayGo cloud data loading, integration and extract/transform/load services. Both services support all major data warehouses and data lakes, including Amazon Web Services Inc.’s Redshift, Microsoft Corp.’s Azure Synapse, Databricks Inc.’s Delta Lake, Google LLC’s BigQuery and Snowflake Inc.’s Data Cloud.

“We continue to see momentum with enterprise customers purchasing mission-critical new cloud workloads on our Intelligent Data Management Cloud platform and strong customer renewal rates,” Chief Executive Amit Walia (pictured) said in the company’s earnings release. “We are encouraged by the early momentum of our cloud-only, consumption-driven strategy. Our customers and partners are embracing Informatica’s differentiated IDMC platform to accelerate their digital transformation journeys.”

For its fiscal second quarter of 2023, Informatica said that it expected adjusted operating income of $67 million to $77 million on revenue of $355 million to $365 million. For the full year 2023, the company said it expects adjusted operating income of $400 million to $420 million on revenue of $1.57 billion to $1.59 billion.

Analysts’ estimates for the outlook were unavailable, but there was nothing outstanding in either the outlook or quarter results. However, Informatica shares did drop just over 2% after the bell, suggesting that investors had perhaps expected a stronger outlook.

Walia spoke with theCUBE, SiliconANGLE Media Inc.’s livestreaming studio, in February, on how Informatica’s pivot to the cloud is now complete and how it’s now “full cloud ahead” for the company.

Photo: theCUBE/SiliconANGLE