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VMware delivered strong third quarter financial results Thursday that beat market expectations.
The virtualization giant reported a net income of $334 million, or $1.07 per share. The income includes a loss of $161 million from VMware’s investment in Pivotal Software, the company said.
Non-GAAP earnings were $1.56 per share on revenue of $2.2 billion, up 14 percent year over year. Wall Street was looking for earnings of $1.52 a share and revenue of $2.17 billion.
VMware, a Dell Technologies portfolio company, said license revenue for the third quarter was $884 million. Operating cash flows came to $970 million, while free cash flows for the quarter were $712 million.
In a statement, VMware CEO Pat Gelsinger said the company was coming off of a strong VMworld season with a solid portfolio of products, services. and newly acquired assets. The company is also touting momentum surrounding VMware Cloud on AWS, after announcing this week that VMware is a key partner for AWS’ new Outposts service.
SEE: Pat Gelsinger: Dell a fan of VMware-AWS partnership
In terms of guidance, VMware is raising its fiscal 2019 forecast to $8.882 billion, up from $8.820 billion, with non-GAAP net income at $6.22 per share. Analysts are expecting revenue of $8.83 billion with earnings of $6.17 a share.
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