VMware has announced financial results for the first quarter of 2014.
Revenues for the first quarter were $1,36-billion, an increase of 14% from the first quarter of 2013. Excluding revenues attributable to Pivotal and all divestitures that occurred in 2013, revenues for the first quarter increased 18% from the first quarter of 2013.
Operating income for the first quarter was $241-million, an increase of 51% from the first quarter of 2013. Non-GAAP operating income for the first quarter was $423-million, an increase of 9% from the first quarter of 2013.
Net income for the first quarter was $199-million, or $0,46 per diluted share, up 14% per diluted share compared to $173-million, or $0,40 per diluted share, for the first quarter of 2013. Non-GAAP net income for the quarter was $348-million, or $0,80 per diluted share, up 9% per diluted share compared to $319-million, or $0,74 per diluted share, for the first quarter of 2013.
Operating cash flows for the first quarter were $750-million, an increase of 11% from the first quarter of 2013. Free cash flows for the quarter were $673-million, an increase of 12% from the first quarter of 2013.
Cash, cash equivalents and short-term investments were $6,62-billion and unearned revenues were $4,17-billion as of March 31, 2014.
“Our strong financial results reflect VMware’s unique position in helping customers transform their IT infrastructure,” says Pat Gelsinger, CEO of VMware. “As the industry shifts from client server computing to the mobile-cloud era, customers are choosing our solutions because we have the most complete vision and offering for navigating this evolving world.”
“We are pleased with our first quarter comparable revenue growth of 18% as customer adoption across our solutions and services continues to grow,” adds Jonathan Chadwick, chief financial officer, VMware. “Our integration of AirWatch and our new product line-up provides customers with the strongest portfolio of products and services in the industry.”