VMware (NYSE:VMW) revealed its latest quarterly earnings results after hours today, bringing in revenue that topped Wall Street’s guidance and gained more than 15% year-over-year, playing a role in VMW stock’s late-afternoon surge.
The Palo Alto, Calif.-based cloud software and services provider said that its fourth quarter of 2018 yielded a net profit of $502 million, or $1.21 per share. During its fourth quarter of fiscal 2017, the business posted a net loss of $387 million, or 96 cents per share.
VMware added that its earnings tallied up to $1.98 per share on an adjusted basis when taking into account stock-based compensation and other items, nearly 40 cents ahead of its year-ago adjusted profit of $1.60 per share. Analysts saw the cloud business as amassing adjusted earnings of $1.88 per share, according to a survey conducted by FactSet.
The company’s revenue surged to about $2.58 billion, about 15.7% higher than its sales of $2.23 billion from its fourth quarter of the previous year. Wall Street’s consensus estimate predicted that VMware would tally up sales of $2.5 billion, also per a FactSet survey.
For its first quarter of its fiscal 2019, the brand forecasts earnings of $1.23 per share on an adjusted basis, while sales are slated to reach $2.23 billion.
VMW stock popped roughly 3.4% after the bell as the Dell Technologies subsidiary had a positive quarter on the sales front. Shares had been declining close to 2.4% during regular trading hours as VMware readied itself to report for the period.