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VMware beats Street 4Q forecasts

VMware tops 4Q earnings and revenue expectations

PALO ALTO, Calif. (AP) _ VMware Inc. (VMW) on Thursday reported fourth-quarter net income of $441 million.

On a per-share basis, the Palo Alto, California-based company said it had profit of $1.04. Earnings, adjusted for one-time gains and costs, were $1.43 per share.

The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.40 per share.

The cloud computing company posted revenue of $2.03 billion in the period, also beating Street forecasts. Ten analysts surveyed by Zacks expected $1.99 billion.

For the year, the company reported profit of $1.19 billion, or $2.78 per share. Revenue was reported as $7.09 billion.

VMware shares have climbed 7 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $84.22, a rise of 71 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VMW at https://www.zacks.com/ap/VMW

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Keywords: VMware, Earnings Report