Splunk stock is rebounding as cloud revenue rose 66% year over year

Splunk Inc. rallied in after-hours trading on Wednesday, as the cloud-based enterprise software company reported results that beat Wall Street estimates and raised its full-year outlook.

splunk SPLK,
Shares were up 5.1% after the close after rising 4.9% in the regular session to close at $93.12. Over the past 12 months, shares are down 22%, compared to a 5% decline in the S&P 500 index SPX.
and a 16 percent drop in the tech-heavy Nasdaq Composite Index COMP,

Splunk reported a loss of $304.3 million, or $1.90 per share, for the first quarter, compared to a loss of $471 million, or $2.89 per share, in the year-ago period. The company reported an adjusted loss, which excludes stock-based compensation expense and other items, of 32 cents per share, compared to 91 cents per share in the year-ago period.

Revenue increased to $674.1 million from $502.1 million in the year-ago quarter as cloud revenue grew 66% to $323 million.

Analysts polled by FactSet had forecast a loss of 74 cents a share on sales of $631 million.

Splunk expects revenue of between $735 million and $755 million for the second quarter, while analysts had forecast revenue of $738.8 million.

Splunk is expecting revenue of $3.3 billion to $3.35 billion, up from a previous guidance of $3.25 billion to $3.3 billion for fiscal 2023. Analysts are expecting revenue for fiscal 2023 to be 3.3 billion dollars. Splunk stock is rebounding as cloud revenue rose 66% year over year

Brian Lowry

InternetCloning is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – The content will be deleted within 24 hours.

Related Articles

Back to top button