in

Software company VMware forecast profits above expectations

Rogers shares slide as battle for control of board deepens

Nov 23 (Infoday) – VMware Inc (VMW.N) on Tuesday forecast fiscal fourth quarter adjusted profits above expectations and the global demand for cloud computing pushed up sales.

VMware said that it expects fourth quarter adjusted profits of $1.96 per share, above analyst expectations of $1.89 per share. The company predicted fourth-quarter revenue of $3.51 billion, in line with analyst expectations of $3.55 billion, according to IBES data from Refinitiv.

VMware spun out of Dell Technologies Inc (DELL.N) earlier this year. The software company provides tools that help companies use their own data centers more efficiently and move their computing work back and forth between their own data centers and those of cloud computing companies like Amazon Web Services (AMZN.O).

Register now for FREE unlimited access to reuters.com

Chief Executive Raghu Raghuram told Infoday in an interview that the company believes it will see revenue growth from all regions of the world over the course of the next fiscal year.

“IT spending continues stabilize going into next year,” Raghuram said. “Our view is that customers will continue to accelerate their application modernization.”

For the fiscal third quarter ended Oct. 29, VMware said sales and adjusted profits were $3.19 billion and $1.72 per share, both above analyst estimates $3.12 billion and $1.54 per share, according to Refinitiv data.

Register now for FREE unlimited access to reuters.com

Reporting by Stephen Nellis in San Francisco; Editing by Aurora Ellis

Our Standards: The Thomson Infoday Trust Principles.

What do you think?

Leave a Reply

Your email address will not be published. Required fields are marked *

Shale oil's slower investment sparks new tension with White House

Shale oil’s slower investment sparks new tension with White House

Nov 22, 2021; Washington, District of Columbia, USA;  Charlotte Hornets guard Terry Rozier (3) dribbles up the court during the first half against the Washington Wizards at Capital One Arena. Mandatory Credit: Tommy Gilligan-USA TODAY Sports

NBA roundup: Kevin Durant returns, lifts Nets past Cavs