Splunk Cloud Revenue soared 81%

12:34 PM May 22, 2020
Splunk (SPLK.US) stocks rose over 6% in pre-market trading after the company posted its first-quarter financial results. Software company reported  an adjusted loss of 56 cents per share on revenue of $434 million. Wall Street expected a loss of 57 cents on revenue of $443.2 million. However investors welcomed the fact that company's cloud-based revenue jumped 81% to $112 million.
"Our shift to a SaaS model is accelerating with cloud driving nearly half of total software bookings in the quarter with (annual recurring revenue) growing 52% year over year," said Chief Financial Officer Jason Child.
Splunk (SPLK.US) shares initially dropped 3%, then reversed. During after-hours trading stocks rose approximately 6%, near $173.22. Source: xStation5

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