VMware, Inc. (NYSE: VMW) reported late Tuesday that its first quarter net income jumped to $126 million, or 29 cents per share, from $78 million, or 19 cents per share, in the year-earlier quarter. On an adjusted basis, the company earned 48 cents per share in the latest quarter. Revenue surged 33% to $843. million from $633.5 million. Analysts, on average, expected the company to report earnings of 42 cents per share on revenue of $815.35 million.
"The quarter's strong performance underscores the value that VMware is providing customers on their journey to cloud computing," said Paul Maritz, chief executive officer. "Customers continue to invest in our portfolio of virtualization and cloud infrastructure solutions to remove complexity and enable IT as a Service."
"VMware's first quarter results were driven by strong demand across all geographies," said Mark Peek, chief financial officer. "Second quarter 2011 revenues are expected to be in the range of $860 and $880 million, a year-over-year increase of 28% to 31%. For the year, we expect annual revenues to be in the range of $3.55 billion and $3.65 billion, an increase of 24% to 28% compared to 2010. We expect our non-GAAP operating margin for 2011 to expand slightly from 2010."
Shares of the company soared more than 9% in after-hours trading on Tuesday.
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