Stock Alert: Splunk Rises 8% On Better Than Estimated Earnings

(RTTNews) - Shares of Splunk Inc. (SPLK) are climbing more than 8% Friday morning to hit a new high of $177.49, currently trading lower at $176.72.

Splunk makes software for searching, monitoring, and analyzing machine-generated big data via a Web-style interface.

When the company reported first-quarter results yesterday, adjusted loss per share of $0.56 beat the consensus estimate of analysts polled by Thomson Reuters at $0.57 loss per share.

Revenue in the quarter increased 2% year-over-year at $434 million, missed estimates of $442.85 million.

The company has recently been added to Fortune 1000.

"COVID-19 has transformed the world into one that requires rapidly accelerated digital transformation to keep organizations moving - we are seeing some resilient customers complete three-to-five-year projects in just months. As customers continue to adapt to this new normal, data matters more than ever, evidenced by our continued strong momentum this quarter," said Doug Merritt, President, and CEO, Splunk.