VMware Inc predicted better-than-expected adjusted fourth-quarter earnings on Tuesday, and global demand for cloud computing pushed sales up.
VMware said it expects adjusted fourth-quarter earnings of $ 1.96 per share, above analysts’ expectations of $ 1.89 per share. The company forecast fourth-quarter revenue of $ 3.51 billion, in line with analysts’ expectations of $ 3.55 billion, according to IBES data from Refinitiv.
VMware separated from Dell Technologies Inc earlier this year. The software publisher provides tools that help businesses use their own data centers more efficiently and move IT work between their own data centers and those of cloud computing companies like Amazon Web Services.
Chief Executive Officer Raghu Raghuram told Reuters in an interview that the company believes it will see revenue increase in all regions of the world in the next fiscal year.
âIT spending continues to stabilize next year,â Raghuram said. âOur view is that customers will continue to accelerate the modernization of their applications.
For the fiscal third quarter ended Oct. 29, VMware said adjusted sales and earnings were $ 3.19 billion and $ 1.72 per share, both higher than analysts’ estimates of $ 3.12 billion. and $ 1.54 per share, according to data from Refinitiv.