VMware Q4 results top expectations, no update on CEO search

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VMware Q4 results top expectations, no update on CEO search

Virtualization pioneer VMware this afternoon reported Q4 revenue and profit that topped expectations. 

The report sent VMware shares down slightly in late trading

VMware’s CFO, and currently acting CEO, Zane Rowe, said the company was “pleased with our fourth quarter financial performance,” calling it, “a good finish to the fiscal year.”

Added Rowe, “Our results reinforce that customers continue to choose VMware technologies and solutions to drive their digital foundation for today and for the future

Zane Rowe, chief financial officer, has been serving as acting CEO while VMware conducts a search for a replacement for Pat Gelsinger, who left in January to run Intel.

“We continue to build and scale our Subscription and SaaS business, bringing customers flexibility in consumption choices, as well as delivering new offerings to market.”

Rowe took over last month for Pat Gelsinger, who departed in January to become CEO of Intel. VMware is in the midst of a search for a new CEO and offered no update in this afternoon’s press release.

Revenue in the three months ended in January rose 7%, year over year, to $3.3 billion, yielding a net profit of $2.21 a share.

Analysts had been modeling $3.23 billion and $2.05 per share.

The company’s subscription and SaaS revenue rose by 27%, year over year, to $707 million, VMware said.

VMware did not offer a forecast in the press release; the company plans to offer its outlook on a conference call with analysts at 4:30 pm, Eastern time.

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