Loudcloud reports Q2 net loss
Managed-services provider Loudcloud posted a fiscal second quarter net loss of $76 million, $15.7 million more than the same quarter last year. The net loss per share for the period was $1.19.
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But Loudcloud reduced its per-share loss to 72 cents, from $1.25 the previous year. Since the company’s IPO in March, revenue has grown 600%, up $2.4 million from a year ago. The company also laid off 122 employees and revised its business plan to focus on the enterprise space. In the past quarter, new enterprise customers for the company include Adidas, Saloman AG, Borland, Cablevision, Estee Lauder and Mass Mutual.
Loudcloud’s recent partnership announcement with Qwest Communications International has helped boost the company and substantiated the company’s higher-than-expected earnings. The five-year deal is expected to generate about $260 million, according to Qwest.
--Amalia Parthenios, staff writer
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© 2012 Penton Media Inc.
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