Claim analytics and data platform biz misled investors about size of public cloud forecast
Two law firms have issued statements about the data platform and analytics company in a bid to attract clients to the case. The firms allege that the company misled investors with its statements about winning deals from users.allege Teradata had misled investors about the prospects for its total Annual Recurring Revenue , an accounting metric subscription companies use to indicate returns from recurring contracts.The law firms focus on the period between February 13, 2023 and February 12, 2024.
He added at the time:"This brings in more executive decision-makers, including the board, in order to close the deal. These dynamics cause a number of transactions to move into 2024. Of these, there was a handful of large deals that slipped out of December and each were worth $2 million or more of cloud ARR growth. We are already taking actions to address the miss in the ARR expectations we had set. We have reviewed the root causes of each slip.
"Our teams are executing plans to address each unique customer situation and are diligently working to close the majority of these deals in 2024. To be clear, we had uncertainty in timing, not uncertainty in demand," he said on the call. However, the law firms point out that following the news of Teradata missing expectations on ARR growth, the company's shares fell nearly 22 percent. They allege Teradata had issued misleading statements and call for Teradata investors to join the class action.Snowflake's Instacart protestations hint at challenges for poster child of the data cloud
Regardless of the merits of the claims, Teradata's performance can be taken in the context of the wider market. In February, Snowflake, which also provides data warehouse and platform technologies,Lenovo loses its Infrastructure Solutions Group bossExclusive
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