VMware's revenue rises 6% to $3.28 billion, SaaS at 37% of sales

VMware reported revenue for 1Q FY 24 of $3.28 billion, an increase of 6% from the first quarter of fiscal 2023. GAAP net income for the first quarter was $224 million, or $0.52 per diluted share, down 9% per diluted share compared to $242 million, or $0.57 per diluted share, for the first quarter of fiscal 2023. Non-GAAP net income for the first quarter was $644 million, or $1.49 per diluted share, up 16% per diluted share compared to $542 million, or $1.28 per diluted share, for the first quarter of fiscal 2023.

Highlights

• Subscription and SaaS revenue for the first quarter was $1.22 billion, an increase of 35% year-over-year.
• Subscription and SaaS revenue constituted 37% of total revenue for the quarter.
• Subscription and SaaS ARR for the first quarter was $4.85 billion, an increase of 32% year-over-year.

“We are pleased with our Q1 results. This past quarter we demonstrated momentum and engagement with our customers and partners as we continue to help them transform their businesses and unlock the full potential of multi-cloud,” said Raghu Raghuram, CEO, VMware. “