Tableau comes up short in stealthy earnings report, quietly disclosing first results since Salesforce deal – 10minmail


(10minmail Photo / Todd Bishop)

Tableau Software’s revenue fell short of Wall Street expectations for the second quarter, a landmark period that included the announcement of its pending $15.7 billion acquisition by Salesforce.

The Seattle-based data visualization company released the latest financial update Wednesday in an unusual fashion, likely because of the pending Salesforce acquisition. The company provided the results in a quarterly 10Q report with the U.S. Securities and Exchange Commission, without the typical accompanying earnings release or call with investors.

Revenue: Tableau reported $322.1 million in revenue in the quarter ending June 30, a 14 percent jump over the prior year. Analysts surveyed in advance by Yahoo Finance expected Tableau to post $324 million in revenue.

Profits/losses: Tableau losses accelerated in the quarter to $35.5 million, a 194 percent increase over the year before. The company didn’t provide a number that excludes factors such as stock-based compensation, which means the reported results aren’t comparable to analyst expectations.

Tableau stock is down slightly in after-hours trading. Shares in the company are up 46 percent so far this year.

Undoubtedly the biggest event of the quarter, or pretty much any quarter in company history, was its acquisition by Salesforce. The all-stock transaction is expected to close in Salesforce’s third fiscal quarter, ending Oct. 31. Tableau’s results will be folded into Salesforce’s financials after the deal is completed.

The 10Q filing contains a discussion of a host of potential risks related to the merger. Tableau cautioned that management could be distracted and that the company could lose employees and hurt relationships with customers due to the uncertainty of the merger. Should Tableau decide to take a different acquisition offer, it would owe Salesforce a $552 million breakup fee.

Tableau in the filing acknowledged a trio of shareholder lawsuits filed in the aftermath of the merger. Tableau has yet to comment on the lawsuits publicly, and the 10Q notes that the company has not filed responses in court yet.

In announcing the deal, Salesforce co-CEO Marc Benioff said the acquisition would effectively turn Seattle into “Salesforce HQ2,” signaling plans to further expand the company’s operations in the region.




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