VMware Posts Mixed Q2 Earnings, On Track To Close Broadcom Deal Next Month
Portfolio Pulse from Lekha Gupta
VMware Inc reported a 2% Y/Y increase in Q2 FY24 revenue to $3.41 billion, missing the consensus of $3.46 billion. Subscription and SaaS revenue increased 34% Y/Y to $1.26 billion. The company expects its transaction with Broadcom Inc. to be completed on October 30, 2023. VMW shares closed higher by 1.25% at $168.78 on Thursday.
September 01, 2023 | 10:13 am
News sentiment analysis
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NEUTRAL IMPACT
VMware expects its transaction with Broadcom to be completed on October 30, 2023.
The news about the expected completion of the transaction between VMware and Broadcom is relevant to Broadcom. However, without further details on the impact of this transaction, the short-term impact on Broadcom's stock is neutral.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
VMware's Q2 FY24 revenue increased by 2% Y/Y but missed the consensus. Its Subscription and SaaS revenue saw a significant increase of 34% Y/Y. The company's shares closed higher by 1.25%.
Despite missing the consensus, VMware's revenue increased and its Subscription and SaaS revenue saw a significant increase. This mixed result could lead to a neutral short-term impact on the company's stock.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100