SAN DIEGO - Teradata Corporation (NYSE: NYSE:TDC), a cloud analytics and data platform provider, announced the promotion of Louis Landry to Chief Technology Officer (CTO). Landry, who has been with the company for over a decade, will now lead Teradata's technological vision and innovation strategy.
Landry's experience spans more than 20 years in software architecture and engineering leadership. Before his promotion, he served as the head of Teradata's Technology and Innovation Office, where he spearheaded advanced research and development efforts. His work has been integral to the creation of new capabilities such as Teradata ask.ai, and the development of Teradata AI Unlimited, the company's first on-demand compute engine.
Steve McMillan, President and CEO of Teradata, expressed confidence in Landry's ability to guide the company's technology roadmap in alignment with the evolving needs of customers and the market. McMillan highlighted Landry's deep market understanding, particularly in new data and analytics technologies, as a key asset for leveraging innovation and accelerating growth.
In his remarks, Landry emphasized the transformative role of AI in business and his commitment to advancing Teradata's open and connected platform to deliver AI-driven value to customers.
Throughout his career, Landry has held significant roles at companies like MicroStrategy and Sears Holdings Corporation, and was a key figure at eBay Inc (NASDAQ:EBAY)., where he led the development of analytics platforms. He has also contributed to the open-source community as a Project Leader for the Joomla! Project.
Teradata, known for its complete cloud analytics and data platform for AI, aims to empower organizations with trusted information for confident decision-making and innovation. The company's focus on harmonizing data and trusted AI is designed to yield impactful business results.
This leadership change comes at a time when Teradata is positioning itself as a hybrid AI platform provider, aiming to meet the current and future demands of enterprises navigating the AI era.
The information for this article is based on a press release statement from Teradata Corporation.
In other recent news, Teradata Corporation has experienced significant developments in its financial performance and strategic partnerships. According to recent earnings reports, the company showed a 32% increase in its cloud Annual Recurring Revenue (ARR) for the second quarter of 2024, despite a 3% year-over-year decline in total ARR. As a response, Teradata announced a workforce reduction of 9-10% and a significant reduction in its forecast for fiscal year 2024. TD Cowen maintained its Hold rating on Teradata shares, adjusting the price target from $37.00 to $29.00, citing a challenging macroeconomic environment.
Teradata also highlighted its partnership with NVIDIA Corporation (NASDAQ:NVDA) during its Possible '24 conference, which could potentially enhance its data analytics and cloud services offerings. Evercore ISI increased its price target for Teradata from $34.00 to $37.00, maintaining an Outperform rating, following insights from Teradata’s Possible 2024 conference. The analysts acknowledged Teradata's ongoing shift to cloud services might lead to some inconsistency in revenue streams, but noted strong performance in its on-premise business.
These recent developments underline Teradata's strategic focus on cloud services and its efforts to navigate a challenging market environment. The company revised its financial outlook for the full year, projecting a decline in total ARR of 2-4% and cloud ARR growth of 28-32%. Teradata remains confident in its cloud-first strategy, expecting the fourth quarter to be the strongest of the year.
InvestingPro Insights
As Teradata Corporation (NYSE: TDC) positions itself for growth in the AI era with the appointment of Louis Landry as CTO, investors may find additional context from recent financial data and expert analysis valuable.
According to InvestingPro data, Teradata's market capitalization stands at $3.07 billion, reflecting its significant presence in the cloud analytics and data platform market. The company's revenue for the last twelve months as of Q2 2024 was $1.796 billion, although it experienced a slight revenue decline of 0.61% during this period. This minor setback in revenue growth could be a focal point for Landry in his new role as he aims to drive innovation and expand Teradata's AI-driven offerings.
InvestingPro Tips highlight that management has been aggressively buying back shares, which could signal confidence in the company's future prospects. This aligns with Teradata's strategy to leverage AI and innovation for growth, as outlined in the article. Additionally, net income is expected to grow this year, potentially reflecting the positive impact of the company's strategic focus on AI and cloud analytics.
However, investors should note that Teradata is trading at a high P/E ratio of 50.2, which is relatively high compared to its near-term earnings growth. This valuation suggests that the market has high expectations for the company's future performance, possibly factoring in the potential of its AI initiatives and the new leadership under Landry.
For those seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Teradata, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.