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Splunk Loss Widens In Q3 On Higher R&D

California-based tech company Splunk Inc. (SPLK), reported a wider net loss in the third quarter due to higher expenditure in research and development.

The net loss reported by Splunk was $343.32 million or $2.14 loss per share, compared to $201.53 million or $1.26 loss per share in the last quarter. On average 31 analysts polled by Thomson Reuters expected the loss to be $0.50 per share.

The revenue came in at $664.75 million, up from $$558.57 million in the last term. The revenue was boosted by a boost in the cloud service to $243.04 million from $144.71 million last year. Analyst estimate for revenue was $650.98 million.

For the next quarter, the company expects the revenue to be $740 million and $790 million while for the full-year, the revenue is expected to be $2.51 billion and $2.56 billion. For the next quarter, the Street outlook fr revenue is $834.11 million while the analysts expect the full-year revenue to be $2.58 billion.

"The demand environment remains strong," continued Child, "and customer engagement is excellent, especially for existing customers managing their hybrid environments. We expect our momentum to continue through the end of the year and we're on track to end FY22 with more than $3 billion of total ARR," said Jason Child, CFO of Splunk.

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