Dell Technologies’ VMware posted its third-quarter results, beating estimates on strong subscription and SaaS growth.
VMware is a leading virtualization software company, with its software in use by many of the biggest organizations in the world. The company’s software is also seeing widespread use in cloud infrastructure, with many telcos relying on it to help speed up 5G deployment.
The company has reported its Q3 results, beating consensus estimates on $2.86 billion in revenue. Subscription, SaaS and license revenue accounted for $1.32 billion, an increase of 10% from the year-ago quarter. The subscription and SaaS revenue alone was $676 million, a 44% increase over the year-ago quarter.
“Q3 was another good quarter for VMware, and we’re pleased with our results,” commented Pat Gelsinger, CEO, VMware. “As customers navigate through these unprecedented times, our focus remains on delivering the digital foundation for an unpredictable world. We continue to shape the future in areas that are top priority for every business–from app development to multi-cloud to security and digital workspaces.”
“Subscription and SaaS revenue increased 44% year-over-year in Q3 and surpassed license revenue for the first time,” said Zane Rowe, executive vice president and CFO, VMware. “VMware will continue to invest in and focus on further expanding our Subscription and SaaS portfolio, which we believe will drive company growth, customer satisfaction and shareholder value.”