VMware names Raghu Raghuram subsequent CEO, preannounces upbeat earnings

VMware Inc. named a brand new chief government Wednesday whereas additionally delivering better-than-expected preliminary outcomes for its fiscal first quarter.

Rangarajan (Raghu) Raghuram, who at the moment serves as VMware’s

chief working officer for merchandise and cloud companies, can be shifting to the CEO position and becoming a member of VMware’s board of administrators starting June 1. The corporate’s prior CEO, Pat Gelsinger, left in February to head up Intel Corp.

“VMware is uniquely poised to steer the multi-cloud computing period with an end-to-end software program platform spanning clouds, the information middle and the sting, serving to to speed up our prospects’ digital transformations,” Raghuram mentioned in a launch.

That launch additionally contained preliminary outcomes for VMware’s fiscal first quarter, for which the corporate expects to report $2.994 billion in income, up 9.5% from a yr earlier. The FactSet consensus was for $2.908 billion in income.

VMware additionally anticipates that it’ll report web earnings per share of $1.01 and adjusted earnings per share of $1.76. Analysts tracked by FactSet have been modeling 80 cents in web EPS and $1.51 in adjusted EPS.

The corporate formally declares its quarterly outcomes on Could 27, after the closing bell.

VMware’s inventory, which was nonetheless inactive in premarket buying and selling, has rallied 14.8% yr thus far, whereas the S&P 500 index

has superior 10.5%.

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