Teradata profit beats estimates on data analytics demand
Aug 2 (Reuters) - Teradata Corp's quarterly profit trumped estimates and the company raised its full-year profit forecast, riding a surge in demand for data storage and analytics products.
Teradata is betting on the growing market for "big data" analysis - the ability to analyze vast amounts of stored information in real time.
The company expects a profit of $2.72 to $2.82 per share, excluding items, up from its previous view of $2.60 to $2.70 a share.
Net income rose to $112 million, or 65 cents per share, for the second quarter, from $103 million, or 60 cents per share, a year earlier.
Excluding items, the company earned 77 cents per share.
Revenue from Americas, which accounts for majority of the company's sales, rose 17 percent to $398 million. Total revenue rose 14 percent to $665 million.
Analysts expected a profit of 65 cents per share, on revenue of $660.4 million, according to Thomson Reuters I/B/E/S.
Shares of the company, which closed at $66.10 on the New York Stock Exchange on Wednesday, rose 5 percent to $69.50 in premarket trading. The stock touched a life high of $79.88 in May, but has declined 17 percent since then.
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