01:30 PM EDT, 04/22/2024 (MT Newswires) -- Informatica ( INFA ) said Monday it is not in talks to be acquired, refuting a recent report by The Wall Street Journal, sending the cloud data management company's shares tumbling.

On April 12, the Journal reported that Salesforce ( CRM ) was in late-stage discussions to acquire Informatica ( INFA ), according to people familiar with the matter. "Although Informatica's ( INFA ) policy is not to comment on market rumors or media speculation, the company announced that it is not currently engaged in any discussions to be acquired," Informatica ( INFA ) said Monday.

The WSJ separately reported late Sunday that the discussions between Informatica ( INFA ) and Salesforce ( CRM ) had ended after the companies failed to agree on the terms of a potential deal.

Informatica ( INFA ) shares were down 8.9% in Monday afternoon trade, while Salesforce ( CRM ) rose 1.1%. Salesforce ( CRM ) didn't respond to MT Newswires' request for comment on the latest WSJ report.

Informatica ( INFA ) said Monday it expects first-quarter revenue and non-GAAP operating income to be within the upper half of its previously outlined guidance ranges. It projects subscription annual recurring revenue and cloud subscription ARR to also fall in the top half of the prior ranges.

In February, the company projected first-quarter revenue at $375 million to $395 million and subscription ARR between $1.14 billion and $1.16 billion. Its cloud subscription ARR outlook was between $645 million and $655 million, while non-GAAP operating income was pegged at $97 million to $117 million.

Informatica ( INFA ) affirmed its 2024 financial outlook, which included expected revenue of $1.69 billion to $1.71 billion. Analysts polled by Capital IQ are looking for first-quarter and 2024 revenue of $388 million and $1.7 billion, respectively.

"Our business fundamentals continue to be very strong," Chief Executive Amit Walia said Monday. The company is scheduled to release its latest financial results May 1.

Informatica ( INFA ) also said Chief Product Officer Jitesh Ghai was stepping down to explore an executive opportunity at another company.