What is notable in Cloudera's Q1 2021 numbers is that the one area that declined was in services, which dropped nearly 30% from what was supposed to be a bad quarter a year ago.
But the larger significance of Cloudera's Q1 results is about long-term enterprise software investments.
The new platform got a receptive audience amongst the base, with the result that Cloudera suffered relatively few customer defections.
Instead, the question going into yesterday's earnings results was whether Cloudera could sustain the recovery of the last three quarters in the wake of the global economy suffering a huge downturn in the wake of the coronavirus pandemic.
In part, Bearden attributed that to the fact that Cloudera's customers have more mature installations of the legacy platforms, and if they're going to migrate eventually to CDP, they are not as likely to engage more services in the short run.