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Cloud computing tech firm VMware Inc. nearly halved its net income in the first quarter, with its license revenue being impacted by the transition to subscription and software as a service.
Source: VMware
VMW is up 1.12%, while CIBR is up 1.50%.
Net income for the first quarter stood at $242 million, lower than the $425 million recorded in the same quarter last year. Diluted earnings per share slipped by 43% to $0.57 from $1.01.
Revenues for the quarter stood at $3.088 billion, higher than the $2.994 billion last year. License revenues declined to $577 million from $646 million, while subscription and software as a service increased to $899 million from $741 million.
Chief Executive Officer Raghu Raghuram said the quarter reflected the continued progress with its subscription and software as a service go-to-market motion, which resulted in a higher-than-expected mix than its license offerings in total revenue.
VMware has canceled its conference call and webcast to discuss the latest financial results and suspended its financial guidance for the full fiscal year 2023.
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