VMware, a leading innovator in enterprise software, has announced its financial results for the second quarter of the fiscal year 2023.
Revenue for the second quarter was $3.34 billion, an increase of 6% from the second quarter of fiscal 2022.
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.
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.
GAAP operating income for the second quarter was $566 million, an increase of 8% from the second quarter of fiscal 2022. Non-GAAP operating income for the second quarter was $965 million, an increase of 5% from the second quarter of fiscal 2022.
Operating cash flow for the second quarter was $397 million. Free cash flow for the second quarter was $284 million.
RPO for the second quarter totaled $12.10 billion, up 8% year-over-year.
“We are pleased with our performance in Q2. Our momentum continued at VMware Explore where we showcased new innovative offerings while also highlighting how we are helping customers continue to transform their businesses,” says Raghu Raghuram, CEO of VMware. “We remain committed to helping organisations 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,” says Zane Rowe, executive vice-president and CFO of VMware. “Investments in our Subscription and SaaS offerings helped contribute to ARR growth of 24% year-over-year.”