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
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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.
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“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
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has superior 10.5%.



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