Loading articles...

VMware: Fiscal 3Q Earnings Snapshot

Last Updated Nov 24, 2020 at 4:56 pm EST

PALO ALTO, Calif. (AP) _ VMware Inc. (VMW) on Tuesday reported fiscal third-quarter profit of $434 million.

On a per-share basis, the Palo Alto, California-based company said it had net income of $1.02. Earnings, adjusted for one-time gains and costs, came to $1.66 per share.

The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.43 per share.

The cloud computing company posted revenue of $2.86 billion in the period, also beating Street forecasts. Ten analysts surveyed by Zacks expected $2.81 billion.

VMware expects full-year earnings to be $7.03 per share, with revenue expected to be $11.7 billion.

VMware shares have decreased almost 1% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $150.51, a fall of 11% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VMW at https://www.zacks.com/ap/VMW

The Associated Press