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Technology Stocks : VMware, Inc. (VMW)
VMW 142.31-1.4%Aug 7 4:00 PM EDT

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From: Glenn Petersen6/1/2019 11:10:04 AM
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VMware Q1 tops expectations, revenue up 13% to $2.27 billion

VMware also reported an unexpected gain of $132 million from its investment in Pivotal Software.

By Natalie Gagliordi for Between the Lines
ZDNet
May 30, 2019 -- 20:37 GMT (13:37 PDT)

VMware delivered strong first quarter financial results Thursday that beat market expectations. The virtualization giant reported a net income of $505 million, or $1.21 per share. The income includes an unexpected gain of $132 million from VMware's investment in Pivotal Software, the company said.

Non-GAAP earnings were $1.32 per share on revenue of $2.27 billion, up 13% year over year. Wall Street was looking for earnings of $1.28 a share and revenue of $2.24 billion.

VMware, a Dell Technologies portfolio company, said license revenue for the quarter was $869 million. Operating cash flows came to $1.27 billion, while free cash flows for the quarter were $1.2 billion.

In terms of guidance, VMware is maintaining its fiscal 2020 forecast, with expected revenue of $10.03 billion. Analysts are expecting revenue of $10.02 billion with earnings of $6.53 a share. VMware also said that its board has authorized up to $1.5 billion in stock repurchases through fiscal 2021.



"Q1 was a good start to fiscal 2020 with strength across our comprehensive solutions portfolio," said VMware chief executive Pat Gelsinger. "We were especially pleased to announce a number of agreements during the quarter with key partners Amazon Web Services, Dell and Microsoft as customers continue to turn to VMware's cloud infrastructure technology to enable their digital transformations."

zdnet.com
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