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VMware reports second quarter results

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VMware has announced financial results for the second quarter of 2016.
GAAP and non-GAAP revenues for the second quarter were $1,69-billion, an increase of 6% from non-GAAP revenues for the second quarter of 2015, and an increase of 11% from GAAP revenues for the second quarter of 2015.
License revenues for the second quarter were $644 million, an increase of 1% from the second quarter of 2015.
GAAP net income for the second quarter was $265-million, or $0.62 per diluted share, up 54% per diluted share compared to $172-million, or $0.40 per diluted share, for the second quarter of 2015. Non-GAAP net income for the quarter was $414-million, or $0.97 per diluted share, up 5% per diluted share compared to $396-million, or $0.93 per diluted share, for second quarter of 2015.
GAAP operating income for the second quarter was $323 million, an increase of 57% from the second quarter of 2015. Non-GAAP operating income for the second quarter was $509 million, an increase of 6% from the second quarter of 2015.
Operating cash flows for the second quarter were $577 million. Free cash flows for the quarter were $539-million.
Cash, cash equivalents and short-term investments were $8.67 billion, and unearned revenue was $5,12-billion as of June 30, 2016.
Total non-GAAP revenues plus sequential change in total unearned revenues grew 10% year-over-year. Total GAAP revenues plus sequential change in total unearned revenues grew 16% year-over-year.
License revenues plus sequential change in unearned license revenues grew 5% year-over-year.
“Q2 was a continuation of the good start to the year we experienced in Q1, both for results and against our strategic goal of building momentum for our newer growth businesses and in the cloud,” says Pat Gelsinger, CEO of VMware. “Customers are turning to VMware to help them run, manage, secure and connect their applications across all clouds and all devices, with unparalleled connectivity, security and visibility.”
Zane Rowe, executive vice president and chief financial officer, VMware, says: “This was another good quarter for VMware, and I’m particularly pleased with our financial performance and increasing strength of our balance sheet. We’re also looking forward to returning value to our stockholders through the $1,2-billion stock repurchase we announced last quarter.”