Rubrik (NYSE:RBRK) reported a smaller-than-expected second-quarter loss and increased its annual guidance. Nevertheless, shares fell more than 4% in premarket trading.

The cloud data management company presented a loss of $0.03 per share, which was significantly better than analysts forecasted at $0.34. Revenue rose to $309.9 million, surpassing the consensus estimate of $282 million.

While the announcement of $71 million in net new subscription annual recurring revenue beat expectations of $44 million, concerns arose about customer attrition as this figure declined from $89 million in the previous quarter.

Looking ahead, Rubrik projected a diminished loss between $0.50 and $0.44 per share for fiscal 2026, compared to estimates of a $0.97 loss. Revenue expectations for fiscal 2026 stand at $1.23 billion to $1.24 billion, comfortably exceeding the prior forecast of $1.19 billion.