Apps & Software
VMware Proves Virtualization Not Recession-Proof (VMW, EMC)
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VMware Inc. (NYSE: VMW) has just posted its first quarter earnings. The true leader in the emerging field of virtualization reported a non-GAAP earnings of $0.25 EPS and $470.3 in revenue. Thomson Reuters had estimates at $0.20 EPS and almost $474.4 million in revenue. This may also set the tone for tomorrow’s report from near-parent EMC Corp. (NYSE: EMC).
There is a problem here. It sees Q2 revenues flat or down in comparison to 2008’s Q2 period. That is a real problem. Estimates are just shy of the $500 million mark, but the numbers for Q2 -2008 were $456.1 million.
The company also noted that cash was more than $2.0 billion and total deferred revenues were $917.2 million at the end of the quarter. It now counts more than 130,000 customers.
Shares closed up over 7% at $32.55 in regular trading, and the 52-week trading range is $17.25 to $72.08. So far shares are trading down to just under $30.00 at $29.70 in the initial after-hours reaction as traders are looking at the revenue focus. EMC shares were down almost 5% at $12.23 in after-hours trading. Many have been cautious, but this will set the tone for the field of virtualization.
Jon C. Ogg
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