Splunk Inc. (SPLK) Thursday reported a first-quarter loss that narrowed from a year ago, helped largely by a 54 percent surge in revenues. Loss for the quarter were in line with analysts' expectations, while revenues trumped estimates.
Moving ahead, the data-analysis software maker issued a revenue forecast for the second quarter while lifting its full-year outlook.
San Francisco-based Splunk's first-quarter loss narrowed to $16.1 million or $0.16 per share from $20.5 million or $0.71 per share in the year-ago period.
Adjusted loss for the quarter widened to $0.06 per share from $0.04 per share last year. On average, 18 analysts polled by Thomson Reuters expected the company to lose $0.06 per share for the quarter. Analysts' estimates typically exclude special items.
Splunk's revenues for the third quarter grew 54 percent to $57.21 million from $37.19 million last year. Seventeen analysts had a consensus revenue estimate of $54.03 million for the quarter.
Splunk makes software that allows companies to collect and analyze huge amounts of data. Splunk has never posted a profit for any quarter, however its revenue continues to increase reflecting strong demand for its products and increasing customer base.
License revenue, the biggest revenue contributor, climbed 48 percent, while maintenance and services revenue jumped 64 percent.
Looking forward to the second quarter, Splunk expects revenue in the range of $61 million to $63 million. Analysts currently expect second-quarter revenues of $61.65 million.
For fiscal year 2014, the company lifted its revenue outlook to a range of $266 million to $274 million, from a prior estimate of $260 million to $270 million. Analysts currently expect revenues of $270.61 million for 2014.
SPLK closed Thursday's regular trading at $45.22, down $0.65 or 1.42%, on the Nasdaq. The stock further slipped $1.82 or 4.02% in after-hours trade.
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