Infrastructure software company Autonomy Corporation has reported revenues of $256m for the second quarter of 2011, up 16% from the same quarter previous year.
The company saw a continuing shift amongst its customers choosing its cloud model, which has the additional benefit of higher visibility and recurring revenues with long-term contracts.
The company’s gross margin grew 86% for the quarter compared to previous year’s quarter, while operating margin grew 44%.
The earnings per share declined to $0.31 in the third quarter 2011 compared to $0.34 in the same quarter prior year.
Business in the quarter was marked by a strong rise in our cloud business, with Autonomy’s "commit" metric growing organically 27% year-on-year to $437m demonstrating very strong customer signups.
The company’s cloud business showed a strong growth contributing $465 million for the quarter including a contribution of $28m from IRM Digital, the company said.
Autonomy Group CEO Mike Lynch said Q2 and the first half saw a sharp further acceleration of their cloud business, seen again in the combination of growth in recognised cloud revenues of 17% (which excludes any contribution from the acquired IRM Digital assets) in Q2 and growth in new signings evident in the rising commit number.
"Whilst success in the cloud has the effect of depressing short term total revenue growth, with lower recognised revenue in the period, these incremental committed revenue streams amongst other factors lead us to positively revise our view of 2012," Lynch said.
