VMware Q3 Adjusted Net Up 3%; Beats Street Views
VMware Inc. (NYSE: VMW) third-quarter adjusted profits grew just 3 percent, but beat Wall Street's expectations Tuesday.
In the extended session, VMware fell 3 percent recently to $85.50 a share.
The Palo Alto, California-based company said its third-quarter revenue grew 18 percent -- roughly in line with expectations -- on strong customer adoption of its cloud and virtualization software and services.
Chief Financial Officer Jonathan Chadwick said newer businesses like mobility, networking, storage, and hybrid cloud performed well in the recent period.
Net income, including acquisition-related costs, fell to $194 million or $0.45 a share, from $261 million or $0.60 a share in the year-earlier period.
Revenue grew to $1.52 billion, from $1.29 billion a year earlier.
Adjusted income was $0.87 a share, up from $0.84 a year earlier.
Wall Street expected earnings of $0.83 a share on revenue of $1.5 billion.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.