- November 30, 2023
- Posted by: T.C. Doyle
- Category: Analyst Notes
Company’s cloud ARR grows 26% year over year.
By T.C. Doyle
By almost all accounts, Splunk’s fiscal-2024 third-quarter earnings report was a modest “beat” over expectations, putting the cybersecurity and observability leader in a good groove ahead of its previously announced acquisition by Cisco.
For the period ended Oct. 31, 2023, Splunk reported net income of $96.9 million compared to a net loss of $32.6 million in the prior-year quarter. The improved performance was primarily attributable to top-line revenue growth, which increased to $1.1 billion from $929.8 million in the prior year.
Notably, the company’s annual recurring revenue (ARR) from cloud sales jumped 26% year over year. Cloud ARR now represents the majority of total ARR, according to the company.
The results were modestly ahead of analyst expectations and suggest the company is on sound footing ahead of it...
