VMware Profit Falls, Yet Tops Estimates; Announces $1 Bln Stock Buyback

(RTTNews) - Virtualization and cloud infrastructure company VMware Inc (VMW) on Tuesday reported fourth-quarter net earnings of $326 million or $0.75 per share compared with $335 million or $0.77 per share last year.

Excluding items, adjusted earnings for the quarter were $1.08 per share compared with $1.01 per share a year ago.

Revenues for the quarter were up 15% at $1.7 billion compared with $1.48 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $1.07 per share on revenues of $1.69 billion for the quarter. Analysts' estimates typically exclude special items.

VMware also said its board has authorized the purchase of up to $1 billion of its Class A common stock through the end of 2017. The new program is in addition to VMware's ongoing $1 billion buyback announced last August.