VMware reported revenue for the second quarter of $3.34 billion, an increase of 6% from the second quarter of fiscal 2022. GAAP net income for the second quarter was $347 million, or $0.82 per diluted share, down 16% per diluted share compared to $411 million, or $0.97 per diluted share, for the second quarter of fiscal 2022. Non-GAAP net income for the second quarter was $697 million, or $1.64 per diluted share, down 6% per diluted share compared to $739 million, or $1.75 per diluted share, for the second quarter of fiscal 2022.
“We are pleased with our performance in Q2. Our momentum continues next week at VMware Explore where we will showcase new innovative offerings while also highlighting how we are helping customers continue to transform their businesses,” said Raghu Raghuram, CEO, VMware. “We remain committed to helping organizations unlock the full potential of multi-cloud.”
“Our Q2 financial results reflect the continued commitment of the entire VMware team to accelerate innovation for our customers as they move to a multi-cloud environment,” said Zane Rowe, executive vice president and CFO, VMware. “Investments in our Subscription and SaaS offerings helped contribute to ARR growth of 24% year-over-year.”
- The combination of subscription and SaaS and license revenue was $1.74 billion for the second quarter, an increase of 15% from the second quarter of fiscal 2022.
- Subscription and SaaS revenue for the second quarter was $943 million, an increase of 22% year-over-year, constituting 28% of total revenue for the quarter.
- Subscription and SaaS ARR for the second quarter was $3.89 billion, an increase of 24% year-over-year.
Broadcom launches its $61 billion bid for VMware
Broadcom unveiled plans to acquire all of the outstanding shares of VMware in a cash-and-stock transaction that values VMware at approximately $61 billion, based on the closing price of Broadcom common stock on May 25, 2022. In addition, Broadcom will assume $8 billion of VMware net debt. The deal has the support of VMware’s Board of Directors, along with Michael Dell and Silver Lake, which own 40.2% and 10% of VMware shares outstanding,The…
