By Maria Armental
VMware Inc. reported higher profit and revenue for the first quarter, helped by the pandemic-related digital boom.
The software company, which is majority-owned by Dell Technologies Inc., reported profit rose to $425 million from $386 million a year earlier. On a per-share basis, profit was $1.01, or $1.76 as adjusted.
Total revenue rose to $2.99 billion from $2.73 billion a year earlier.
The company had pre-reported per-share profit and revenue figures when it reported this month the appointment of Raghu Raghuram as chief executive.
"This milestone, along with the proposed Dell spin-off, sets the stage for the company's next innovative chapter," said in a statement Zane Rowe, the company's chief financial officer and interim CEO.
Dell plans to spin-off its ownership stake in VMware in late 2021.
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(END) Dow Jones Newswires