Virtualisation champion VMware has announced its year-on-year profits have more than halved in the third quarter of this year.
The profits fell by 54 per cent along with net income dropping by $50 million to $38 million.
There was a light at the end of the tunnel however as its revenues were up by four per cent to $490 million, compared to the same period next year.
Even with the hefty losses Paul Maritz, president and chief executive of VMware, called the results "strong".
Now the company is looking to the future, predicting revenues of between $540 million and $560 million in the fourth quarter with a drop in the following quarter.
Mark Peek, chief financial officer at VMware, said in a statement: "While the economic environment remains challenging, we have improved visibility into our business and believe that the next two quarters will follow seasonal patterns."
-
Cleo attack victim list grows as Hertz confirms customer data stolenNews Hertz has confirmed it suffered a data breach as a result of the Cleo zero-day vulnerability in late 2024, with the car rental giant warning that customer data was stolen.
-
Lateral moves in tech: Why leaders should support employee mobilityIn-depth Encouraging staff to switch roles can have long-term benefits for skills in the tech sector
-
How simplicity benefits the IT partner ecosystemSponsored Content Across private cloud and AI adoption, simple approaches can unlock more time and money for IT teams
-
A focused shift to partner-delivered services generates new opportunities with BroadcomSponsored Content Broadcom is investing in professional services — delivered through partners — for long-term customer success
-
VCF: The key to cloud success now and in the futureSponsored Content Private cloud offers the security and scalability that modern enterprises require
-
Moving Broadcom VMware licenses to subscription-based modelsSponsored Content With a committed channel, Broadcom makes the journey to subscription-based VMware licenses as smooth as possible
-
VMware needs to win back trust – and VMware Explore Barcelona 2024 is its chance to do soAnalysis After a year of heavily criticized messaging, VMware will need to hit reset and prove it can meet customer needs and demands
-
Why Broadcom is offloading VMware’s end user computing divisionNews Broadcom’s decision to sell the division marks the latest in a string of sales and product cuts since the VMware acquisition cleared
-
VMware’s vision solidifies with Broadcom’s reassuranceAnalysis With Broadcom’s acquisition of VMware now complete, customers can breathe a sigh of relief
-
Broadcom to close VMware merger after securing China approvalNews The landmark Broadcom VMware acquisition is expected to close on Wednesday 22 November
