Business

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,
+4.90%
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.
+0.95%
and a 16 percent drop in the tech-heavy Nasdaq Composite Index COMP,
+1.51%.

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.

https://www.marketwatch.com/story/splunk-stock-rallies-as-cloud-revenue-surges-66-from-a-year-ago-11653510498?rss=1&siteid=rss Splunk stock is rebounding as cloud revenue rose 66% year over year

Brian Lowry

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