VMWare, Inc. (NYSE:VMW) reported higher profit for the first quarter as revenue showed growth. VMWare, Inc. is a provider of virtual infrastructure software solutions from the desktop to the data center. It works with more than 1,300 technology partners, including leading server, microprocessor, storage, networking and software vendors.
VMWare Earnings Cheat Sheet for the First Quarter
Results: Net income for VMWare, Inc. rose to $125.8 million (28 cents/share) vs. $78.4 million 19 cents/share) YoY. A rise of 60.4% from the year earlier quarter.
Revenue: Rose 33.2% to $843.7 million YoY.
Actual vs. Wall St. Expectations: VMW fell short of the mean analyst estimate of 42 cents/share. Estimates ranged from 40 cents per share to 45 cents per share.
Quoting Management: “The quarter’s strong performance underscores the value that VMware is providing customers on their journey to cloud computing,” said Paul Maritz, chief executive officer. “Customers continue to invest in our portfolio of virtualization and cloud infrastructure solutions to remove complexity and enable IT as a Service.”
The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 39.8%, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose 47.9% from the year earlier quarter.
The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose 112.5% and in the third quarter of the last fiscal year, the figure rose 121.4%.
Key Competitors: International Business Machines Corp. (NYSE:IBM), Microsoft Corporation (NASDAQ:MSFT), Symantec Corporation (NASDAQ:SYMC), Oracle Corporation (NASDAQ:ORCL), CA, Inc. (NASDAQ:CA), Citrix Systems, Inc. (NASDAQ:CTXS), Novell, Inc. (NASDAQ:NOVL), EMC Corporation (NYSE:EMC), Red Hat, Inc. (NYSE:RHT), and Quest Software, Inc. (NASDAQ:QSFT).
Today’s Performance: Shares of VMW are up more than 8% in after hours trading.