<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Volatility rocked the markets this week as the U.S.-China trade war continued. Market indices were hit particularly hard on Friday, when the S&P 500 fell 2.6% and the Nasdaq Composite dropped 3%. ” data-reactid=”11″>Volatility rocked the markets this week as the U.S.-China trade war continued. Market indices were hit particularly hard on Friday, when the S&P 500 fell 2.6% and the Nasdaq Composite dropped 3%.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="With all of this noise in the market, it may have been easy to miss some notable earnings reports during the week. Tech companies VMware (NYSE: VMW), salesforce.com (NYSE: CRM), and Intuit (NASDAQ: INTU), for instance, all reported strong quarterly results.” data-reactid=”12″>With all of this noise in the market, it may have been easy to miss some notable earnings reports during the week. Tech companies VMware (NYSE: VMW), salesforce.com (NYSE: CRM), and Intuit (NASDAQ: INTU), for instance, all reported strong quarterly results.
Here’s a closer look at key figures from these companies’ reports.
Image source: Getty Images.
VMware
Enterprise software company VMware reported strong top- and bottom-line results for its second quarter of fiscal 2020 this week. Revenue during the period rose 12% year over year to $2.44 billion, beating analysts’ average forecast for $2.43 billion.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Non-GAAP (adjusted) earnings per share for the quarter was $1.60, ahead of analysts’ consensus estimate for $1.55. The strong results were driven by broad-based growth in all three of the company’s geographic segments.” data-reactid=”28″>Non-GAAP (adjusted) earnings per share for the quarter was $1.60, ahead of analysts’ consensus estimate for $1.55. The strong results were driven by broad-based growth in all three of the company’s geographic segments.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="But stealing the show in VMware's quarterly update was the announcement of two acquisitions. The company entered into definitive agreements to acquire Pivotal Software (NYSE: PVTL) and Carbon Black (NASDAQ: CBLK), in deals with enterprise values of $2.7 billion and $2.1 billion, respectively.” data-reactid=”29″>But stealing the show in VMware’s quarterly update was the announcement of two acquisitions. The company entered into definitive agreements to acquire Pivotal Software (NYSE: PVTL) and Carbon Black (NASDAQ: CBLK), in deals with enterprise values of $2.7 billion and $2.1 billion, respectively.
“Our cloud strategy and strong Hybrid Cloud and SaaS [software-as-a-service] growth will substantially accelerate, as we bring Pivotal and Carbon Black into the portfolio,” said VMWare CFO Zane Rowe in the company’s second-quarter earnings release.
<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Salesforce” data-reactid=”31″>Salesforce
Salesforce, a company that offers cloud-based customer relationship management, sales, and marketing platforms and services for businesses, reported record results for its fiscal second quarter this week. Revenue rose 22% year over year to $4 billion, coming in above the high end of management’s guidance range and beating analysts’ average estimate for revenue of $3.95 billion.
Non-GAAP earnings per share decreased from $0.71 in the year-ago quarter to $0.66. But non-GAAP earnings per share were negatively affected by $0.16 from a settlement of the salesforce.org reseller agreement. In addition, it’s worth noting that Salesforce’s non-GAAP EPS easily beat analysts’ consensus forecast for $0.47.
Intuit
Financial software company Intuit also beat analyst estimates. The company reported fiscal fourth-quarter revenue of $944 million, up 15% year over year. That was above analysts’ average forecast for revenue of $962 million. The company’s adjusted loss per share was $0.09, narrower than the $0.15 loss analysts had expected.
“These results were fueled by 15% growth in the Small Business and Self-Employed Group, and 11% growth in the Consumer Group,” said Intuit CEO Sasan Goodarzi in the company’s fiscal fourth-quarter earnings release.
Management noted that a focus on addressing customer pain points in its online small business and self-employed offerings and improvements to the customer experience for its do-it-yourself and assisted tax preparation products helped drive growth.
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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Daniel Sparks has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Intuit and salesforce.com. The Motley Fool has the following options: long January 2021 $100 calls on Salesforce.com. The Motley Fool recommends VMware. The Motley Fool has a disclosure policy.” data-reactid=”46″>Daniel Sparks has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Intuit and salesforce.com. The Motley Fool has the following options: long January 2021 $100 calls on Salesforce.com. The Motley Fool recommends VMware. The Motley Fool has a disclosure policy.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="This article was originally published on Fool.com” data-reactid=”47″>This article was originally published on Fool.com
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