VMware posts financials results for the first quarter of 2014

VMware, Inc., the global leader in virtualisation and cloud infrastructure, has posted its financial results for the first quarter of 2014:

Following are the key highlights of the financial results posted by the company:

Revenues for the first quarter stood at $1.36 billion, registering an increase of 14 per cent in comparison to the first quarter of 2013. Excluding revenues attributable to pivotal and all divestitures in 2013, revenues for the first quarter increased by 18 per cent for the first quarter of 2014.

Operating income for the first quarter of 2014 increased by 51 per cent to reach $241 million. Non-GAAP operating income for the first quarter stood at $423 million, registering an increase of 9 per cent.

Net income for the quarter under review stood at $199 million, or $0.46 per diluted share, up 14 per cent per diluted share compared to $173 million, or $0.40 per diluted share, for the first quarter of 2013. Non-GAAP net income for the first quarter of 2014 stood at $348 million, or $0.80 per diluted share, up 9 per cent per diluted share compared to $319 million, or $0.74 per diluted share, reported for the first quarter of 2013.

Operating cash flows for the first quarter grew by 11 per cent to reach $750 million. Free cash flows for the quarter stood at $673 million registering an increase of 12 per cent.

Cash, cash equivalents and short-term investments stood at $6.62 billion and unearned revenues stood $4.17 billion as of March 31, 2014.

?Our strong financial results reflect VMware?s unique position in helping customers transform their IT infrastructure,? said Pat Gelsinger, chief executive officer, VMware. ?As the industry shifts from client server computing to the mobile-cloud era, customers are choosing our solutions because we have the most complete vision and offering for navigating this evolving world.?

?We are pleased with our first quarter comparable revenue growth of 18 per cent as customer adoption across our solutions and services continue to grow,? said Jonathan Chadwick, chief financial officer, VMware. ?Our integration of AirWatch and our new product line-up provides customers with the strongest portfolio of products and services in the industry.?