VMware, Inc. (VMW) Surges on Year-to-Year Revenue Growth

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VMware, Inc. (NYSE:VMW) shares were higher after hours as the company unveiled its latest quarterly earnings results.

VMware, Inc. (VMW)The company reported adjusted earnings of $553 million for its third quarter of fiscal 2018, or $1.34 per share, topping the year-ago mark of $485 million, or $1.14 per share. Analysts polled by Thomson Reuters were calling for earnings of $1.27 per share for the period on an adjusted basis.

On the revenue front, VMware raked in $1.98 billion, which was an 11.2% improvement compared to the year-ago period, when it brought in $1.78 billion. The Wall Street consensus estimate called for revenue of $1.96 billion.

The company’s license revenue also improved during the third quarter by 14% year-over-year to $785 million. VMware’s total revenue plus sequential change in total unearned revenue gained 21% year-over-year.

“Coming off of a strong VMworld season, we are excited about the new products and services we have introduced this past quarter demonstrating our commitment to innovation and solving complex customer problems,” commented Pat Gelsinger, CEO, VMware.

“We are very pleased with our Q3 results; our strategy continues to resonate with customers as they embrace and leverage our broad portfolio of products and services,” Gelsinger added.

Earlier today, VMware announced that it had expanded its partnership with Amazon Web Services (NASDAQ:AMZN) in order to make VMware Cloud on AWS more available to help customers with disaster recovery.

VMW shares popped 3.1% after the bell Thursday.


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