Cloudera CLDR reported second-quarter fiscal 2021 adjusted earnings of 10 cents per share, which beat the Zacks Consensus Estimate by 42.9%. The company had reported a loss of 2 cents per share in the year-ago quarter. The robust bottom-line improvement was mainly driven by steady revenue growth and efficient cost management.Revenues of $214.3 million beat the consensus mark by 3% and increased 9% year over year driven by rapid adoption of its cloud-based products and services.The company reported better-than-guided second-quarter fiscal 2021 results. Annualized recurring revenues (ARR) were $739 million, up 12% year over year.Similar to its Zacks Internet-Software industry peers like Anaplan PLAN, Nice NICE and Zuora ZUO, Cloudera benefited from subscription-based business model. Subscription revenues (89.4% of revenues) rose 16.7% year over year to $191.1 million, benefiting from rapid adoption of its cloud-based products and services.Anaplan’s second-quarter fiscal 2021 subscription revenues (91.1% of total revenues) soared 32% year over year to $97.1 million. NICE’s second-quarter 2020 cloud revenues rose 29.6% year over year to $183.9 million. Zuora reported second-quarter fiscal 2021 subscription revenues of $58.3 million, an increase of 15.1% year over year.Cloudera has underperformed Nice, Anaplan and the S&P 500 while outperforming Zuora on a year-to-date basis.Year to Date PerformanceQuarter DetailsCloudera’s services (10.6% of revenues) declined 30% year over year to $22.8 million mainly due to coronavirus-led global lockdown.In the reported quarter, non-GAAP gross margin expanded 480 basis points (bps) to 81.4% on a year-over-year basis. Non-GAAP subscription gross margin expanded 250 bps to 88.9% year over year. Meanwhile, non-GAAP services gross margin contracted 880 bps on a year-over-year basis to 18%.Research and development (R&D), sales and marketing (S&M) and general and administrative (G&A) expenses declined 4.3%, 5.9% and 21.5% on a year-over-year basis to $45.2 million, $75.1 million and $24.3 million, respectively. Moreover, as a percentage of revenues, R&D, S&M and G&A expenses declined 290 bps, 550 bps and 440 bps, respectively.For the second quarter of fiscal 2021, this Zacks Rank #3 (Hold) company reported non-GAAP income from operations of $29.8 million against non-GAAP loss from operations of $7.4 million reported in the year-ago quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Balance Sheet & Cash FlowAs of Jul 31, 2020, Cloudera had total cash, cash equivalents, marketable securities and restricted cash of $568.7 million compared with $518.7 million reported in the previous quarter.Moreover, reported operating cash outflow was $32.4 million compared with $68.4 million in the previous quarter.GuidanceThird-Quarter Fiscal 2021Cloudera expects revenues between $207 million and $210 million. The Zacks Consensus Estimate for revenues is currently pegged at $203.4 million, which indicates year-over-year growth of 2.5%.Subscription revenues are estimated between $187 million and $190 million.Non-GAAP net earnings are expected between 8 cents and $1 per share. The Zacks Consensus Estimate is pegged at 7 cents per share.Fiscal 2021Cloudera expects revenues between $839 million and $853 million. The Zacks Consensus Estimate for revenues is currently pegged at $838.7 million, which suggests year-over-year growth of 5.6%.Subscription revenues are estimated between $755 million and $765 million.Non-GAAP net earnings are expected between 32 cents to 35 cents. The Zacks Consensus Estimate for earnings is pegged at 28 cents per share.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021. Click here for the 6 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Nice Ltd. (NICE): Free Stock Analysis Report Cloudera, Inc. (CLDR): Free Stock Analysis Report Zuora, Inc. (ZUO): Free Stock Analysis Report Anaplan, Inc. (PLAN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research