Stock Alert: Vmware Shares Up On Better-Than-Expected Q2

(RTTNews) - Shares of VMware Inc. (VMW), which have been trading in the range of $86.00 - $173.37 for the past one year, are currently trading at $145.63, up $2.74 or 1.91% Friday morning.

The company reported Q2 GAAP net income of $447 million or $1.06 per share compared to $5.30 billion or $12.47 per share, for the second quarter of fiscal 2020 a year ago.

Non-GAAP net income was $766 million or $1.81 per share, higher than the previous year's $650 million or $1.53 per share last year.

Revenue for the quarter was $2.9 billion, an increase of 9%, compared to $2.6 billion generated in the same period of last year.

Analysts polled by Thomson Reuters expected earnings of $1.45 per share on revenue of $2.8 billion for the quarter. Analysts' estimate typically exclude certain special items.

"Our performance in Q2 reflected strength in our Subscription and SaaS product offerings, which grew 44% year-over-year," said Zane Rowe, executive vice president and CFO, VMware. "We plan to accelerate certain product initiatives through the remainder of the year, which will further support customers' digital transformations and grow our Subscription and SaaS product offerings."