By Denny Jacob

VMware posted net income and revenue slightly below analysts' estimates but posted sharp increases in other key metrics.

The software maker logged net income of $224 million, or 52 cents a share, for the first quarter ended May 5, compared to $242 million, or 57 cents a share, a year earlier. Adjusted earnings were $1.49 a share, below analysts' estimates of $1.55 a share.

Revenue rose to $3.28 billion from $3.09 billion. Analysts polled by FactSet expected $3.31 billion.

Remaining performance obligations, which measures the amount of the transaction price still in contract to be completed, for the quarter totaled $13.01 billion, up 13% from a year earlier.

Subscription and software-as-a-service revenue, a key industry metric, increased 35% over the last year to $1.22 billion in the quarter.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

June 01, 2023 16:46 ET (20:46 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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