Shares of Teradata (NYSE:TDC) dropped more than 23% intra-day today following the release of its fourth-quarter results, which presented a mixed picture and highlighted a shortfall in public cloud Annual Recurring Revenue (ARR).

In the fiscal fourth quarter of 2023, the provider of cloud database and analytics software reported an earnings per share (EPS) of $0.56, exceeding the expected $0.51 by analysts. The company's revenue was $457 million, slightly above the analyst forecast of $456.34 million. However, Teradata's public cloud ARR, at $528 million, did not meet the anticipated $547 million.

For the upcoming quarter, Teradata forecasts its non-GAAP diluted EPS to range from $0.53 to $0.57, falling short of the expected $0.74. For the full year of 2024, Teradata projects a total revenue growth of 0% to 2% year-over-year, adjusted for constant currency.