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VMware Reported Strong Q3 Results
Nov 26, 2021 12:15 AM - Davit Kirakosyan
Image credit: FMP
VMware, Inc. (NYSE:VMW) reported its Q3 results, which outperformed virtually all consensus estimates, but the upside was largely driven by license revenue as Subscription and SaaS (S&S) was roughly in-line with expectations. Quarterly revenue came in at $3.188 billion (up 11% year-over-year), better than the consensus estimate of $3.123 billion.
For 2023, management expects revenue growth to be in the high-single digits with S&S making up around 30%, as well as for S&S ARR to exit 2023 at a higher growth-rate than 2022.
Analysts at RBC Capital believe that 2023 guidance implies an acceleration in subscription and SaaS growth as the company looks to better align its go-to-market strategy with its increasingly cloudy product set.
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