VMware Q1: Earnings Miss, 6% Revenue Growth, New Product Innovations & More

VMware Inc VMW reported a Q1 FY24 revenues increase of 6% Y/Y to $3.28 billion, missing the consensus of $3.34 billion.
Subscription and SaaS revenue increased 35% Y/Y to $1.22 billion.
Subscription and SaaS ARR were up 32% Y/Y to $4.85 billion.
Non-GAAP operating income rose 6% Y/Y to $819 million.
Non-GAAP EPS of $1.49 missed the consensus of $1.58.
Operating cash flow stood at $1.75 billion, while free cash flow was $1.65 billion.
"We are pleased with our Q1 results. This past quarter we demonstrated momentum and engagement with our customers and partners as we continue to help them transform their businesses and unlock the full potential of multi-cloud. We are excited to introduce new product innovations and host our customers and partners this year at VMware Explore events across Las Vegas, Singapore, Brazil, Barcelona, and Japan," said Raghu Raghuram, CEO.
Last month, VMware announced the appointment of Karen Dykstra as CFO and executive vice president and will replace the existing CFO and executive vice president, Zane Rowe, effective June 9, 2023.
Price Action: VMW shares closed lower by 1.72% at $133.94 on Thursday.