Splunk Surges 11% in Morning Trading

Tiger Newspress2022-12-01

Splunk gained more than 11% in morning trading following the report.

Splunk on Wednesday lifted its full-year outlook on strong cloud revenue after reporting third-quarter results that topped Wall Street estimates as efforts to cut costs and ongoing cloud demand bolstered performance.

The company reported adjusted EPS of $0.83 on revenue of $930 million, topping estimates of $0.25 on revenue of $847.7M.

Cloud revenue grew 54% to $374M year-over-year.

For the fourth quarter, the company guided revenues in a range of $1.055 billion and $1.085B, compared with estimates for $1.07B.

Full-year revenues are now expected to be between $3.455B and $3.485B, up from a prior estimate of between $3.35B and $3.4B.

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