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VMware Reports First Quarter 2013 Results

VMware announced financial results for the first quarter of 2013:

Revenues for the first quarter were $1.19 billion, an increase of 13% from the first quarter of 2012. Operating income for the first quarter was $160 million, a decrease of 26% from the first quarter of 2012, reflecting a $63 million realignment charge.  

Net income for the first quarter was $174 million, or 40 cents per diluted share, down 9% compared to $191 million, or 44 cents per diluted share, for the first quarter of 2012.

Operating cash flows for the first quarter were $676 million, an increase of 17% from the first quarter of 2012. Free cash flows for the quarter were $599 million, an increase of 10% from the first quarter of 2012.

Cash, cash equivalents and short-term investments were $4.94 billion and unearned revenue was $3.49 billion as of March 31, 2013.

Pat Gelsinger (CEO, VMware): We’re very pleased with our performance this quarter, particularly in light of recent results from many of our industry peers.

Annual 2013 revenues are expected to be in the range of $5.12 billion to $5.24 billion, an increase of approximately 11% to 14% from 2012, and annual license revenues are expected to grow approximately 6% to 9%, says VMware.

Second quarter 2013 total revenues are expected to be in the range of $1.21 billion to $1.24 billion, an increase of approximately 8% to 10% from the second quarter of 2012. Second quarter license revenues are expected to be between $515 million and $535 million.

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