VMware on Thursday revealed second quarter monetary outcomes that got here in barely forward of market expectations.
The outcomes, CFO Zane Rowe stated in an announcement, replicate sturdy year-over-year product bookings progress in main classes. That features VMware’s multi-cloud and trendy functions companies, together with Finish-Consumer Computing.
The corporate’s non-GAAP web revenue for the second quarter was $739 million, or $1.75 per diluted share. Income in Q2 was $3.14 billion, a rise of 9% from the second quarter of fiscal 2021.
Analysts have been anticipating earnings of $1.64 per share on income of $3.1 billion.
“Our clients are evolving their methods from a ‘cloud first’ to a ‘cloud good’ philosophy the place they’re choosing the right clouds and cloud providers for the fitting workload, and turning to a multi-cloud setting,” CEO Raghu Raghuram stated in an announcement. “We’re delivering the multi-cloud platform for all functions, enabling the digital innovation and enterprise management that our clients must speed up their companies immediately and sooner or later.”
Raghuram took the helm as VMware’s new chief govt on June 1, six months after Pat Gelsinger’s departure to Intel. Previous to that, Raghuram was chief working officer of merchandise and cloud providers for VMware.
In the meantime, VMware and father or mother firm Dell Applied sciences are within the technique of splitting into two unbiased corporations. The lengthy rumored spin-off was formally introduced by Dell Applied sciences in April, and it is on observe to be accomplished by November.
Breaking down the Q2 outcomes, providers income got here to $1.62 billion, whereas license income was $738 million.
Subscription and SaaS income got here to $776 million, a rise of 23% year-over-year. Subscription and SaaS annual recurring income (ARR) for the second quarter was $3.15 billion, a rise of 26% year-over-year.
Subscription and SaaS accounted for 24.7% of whole income.
Non-GAAP working revenue for the second quarter was $924 million, a lower of three% from a 12 months prior.
Working money movement in Q2 was $864 million. Free money movement was $777 million.
For the third quarter, VMware expects income of $3.12 billion.
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