5 Biggest Takeaways From VMware’s Q3 Report
For the first time in the company’s history, subscription and Software-as-a-Service (SaaS) revenue is surpassing on-premises licensing sales as VMware continues to double down on areas like VMware Cloud on AWS and hybrid cloud management.
The Palo Alto, Calif.-based company generated $2.86 billion in revenue during its third fiscal quarter which ended Oct. 30, representing an 8 percent increase in sales year over year. VMware, which currently employs 33,645 people globally, has yet to feel any significant impact from the COVID-19 pandemic as both technology innovation and sales have yet to slow down.
In a bold move, VMware also unveiled revenue expectations for its upcoming fiscal year 2022, which begins Feb. 1, 2021, during its third-quarter financial earnings report with media and analyst.
CRN breaks down the five most important financial results and key takeaways from VMware’s third fiscal quarter earnings report.