Splunk Inc Stock Falls Despite Q1 Earnings Beat

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Splunk Inc (NASDAQ:SPLK) reported its latest quarterly earnings results after hours Thursday, which saw the company’s profit top expectations, but its shares declined late in the day.

Splunk IncThe multinational company unveiled revenue of $311.6 million for its first quarter of fiscal 2018, which marks a 37% gain compared to the year-ago quarter. Analysts were calling for revenue of $298 million, according to data compiled by Zacks Investment Research.

Splunk also posted an adjusted loss of 7 cents per share for the period, which was ahead of the Wall Street consensus estimate of a loss of 9 cents per share, according to Zacks. For its second quarter, the company sees revenue as being in the range of $356 million to $358 million.

The revenue guidance midpoint is at $357 million, which is better than the Wall Street guidance of $354 million, according to Zacks. Splunk’s business consists of providing software that helps tech managers monitor and analyze large volumes of data and the company signed more than 460 new enterprise customers during the quarter.

“We are uniquely positioned to help our customers get answers from their data,” said Doug Merritt, CEO. “We have expanded artificial intelligence capabilities in the Splunk platform, introduced new products such as Splunk Insights for Infrastructure and Splunk Industrial Asset Intelligence.”

SPLK shares took a hit after the bell, declining about 3.1% following a 0.3% miss during regular trading hours Thursday despite the company’s earnings beat.


Article printed from InvestorPlace Media, https://investorplace.com/2018/05/splunk-inc-stock-falls-despite-q1-earnings-beat/.

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