Shares of VMware Corp. (VMW) plunged 25% to $62 after the virtualization software developer reported that its fourth-quarter revenue came in lower than Wall Street expectations.
The Palo Alto, Calif., company said revenue rose 80% to $412.5 million, from $229.6 million. Analysts, on average, expected VMware to earn 24 cents a share on $417 million in sales. Analysts' estimates typically exclude unusual items.
The company said its profit more than doubled to $78.2 million, or 19 cents a share, from $31 million, or 9 cents a share, a year earlier. Excluding charges and one-time items, VMware would have earned 26 cents a share.
This will also negatively affect EMC Corp., the original parent of VMW.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment