VMware, Inc. (NYSE:VMW) stock saw an increase on Thursday after the release of its earnings report for the third quarter of 2016.
VMware, Inc. reported revenue of $1.78 billion for the third quarter of 2016. This is an increase over the $1.67 billion in revenue reported by it during the same time last year. It also came in above the $1.76 billion in revenue that Wall Street was expecting.
VMware, Inc.’s earnings per share for the third quarter of 2016 was $1.14. Earnings per share reported by the cloud infrastructure company in the third quarter of 2015 was $1.02. Analysts were looking for the company to report earnings per share of $1.10 for the quarter.
Net income reported by VMware, Inc. during the third quarter of 2016 was $485 million. The company’s net income reported during the same time the year prior was $433 million. Operating income for the quarter was $592 million, which is a 12% increase from the year prior.
“We are pleased with our Q3 financial performance, which exceeded the midpoint of our revenue and operating margin guidance” Zane Rowe, executive vice president and CFO at VMware, Inc., said in a statement. “We continue to broaden our portfolio with a range of products that will drive growth for the company.”
VMware, Inc. also announced that it will be switching how it handles financial quarters. The company plans to switch to Dell’s system for earnings reports. This change will take place on Feb. 4, 2017. At this time, the company will start its fiscal first quarter of 2018.
VMW stock was up 4% as of Noon Thursday.
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