Revenues rose and profit plummeted for VMware during the first quarter of 2013. The cloud and virtualisation software and services provider reported revenues of US$1.19bn, a 13pc increase from the same period last year, and net income of US$147m, down 9pc compared to US$191m in the year-ago period.
The company also reported Q1 operating income of US$160m, a decrease of 26pc from the first quarter of 2012, reflecting a US$63m realignment charge.
Operating cash flows amounted to US$676m, a jump of 17pc from the first quarter of 2012.
Free cash flows for the quarter totalled US$599m, an increase of 10pc from the first quarter of 2012.
Cash, cash equivalents and short-term investments reached US$4.94bn and unearned revenue amounted to US$3.49bn as of 31 March, 2013.
“We’re very pleased with our performance this quarter, particularly in light of recent results from many of our industry peers,” said Pat Gelsinger, chief executive officer, VMware.
“We continue to execute against our strategy, and our position in the market is clear as we embark on this multi-year journey with our customers.”