VMware Reports Steady Revenue Growth in Third Quarter

- November 27th, 2019

The cloud software firm witnessed revenues rise 12 percent over the quarter as subscription and SaaS revenue drove growth.

VMware (NYSE:VMW), a cloud software firm announced a 12 percent uptick in revenues for the third quarter compared to the same time last year, reaching US$2.46 billion. VMware underwent a major acquisition of security firm, Carbon Black over the quarter, in addition to reporting solid subscription and software-as-a-service revenues.

As quoted in the press release:

“Q3 was another solid quarter for VMware, and we’re pleased with our results. We continue to see traction and customer momentum in support of VMware’s vision to deliver a software architecture that enables any app, on any cloud, delivered to any device,” commented Pat Gelsinger, CEO, VMware. “We are thrilled to welcome Carbon Black to the VMware family, and we remain on track to close the acquisition of Pivotal by the end of the fiscal year. Customers globally have resoundingly affirmed that both acquisitions will offer tremendous value as we help them with their digital transformations.”

“We’re pleased with our financial performance and execution this quarter, which reflected broad-based strength across our product and solutions portfolio,” said Zane Rowe, executive vice president and CFO, VMware. “Hybrid Cloud Subscription and SaaS revenue grew to over 13 percent of total revenue in Q3, and we expect this category will continue to grow significantly next year, including the contributions of Carbon Black and Pivotal.”

Click here to read the full press release.

 

New FREE Report: Investing in Psychedelics

   
What’s ahead for this exciting new segment? Learn more with our exclusive psychedelics report today. Published July 6, 2020.
 

Leave a Reply