VMware, Inc. announced financial results for the first quarter of 2014, Revenues for the first quarter were $1.36 billion, an increase of 14% from the first quarter of 2013. Excluding revenues attributable to Pivotal and all divestitures that occurred in 2013, revenues for the first quarter increased 18% from the first quarter of 2013.
Operating income for the first quarter was $241 million, an increase of 51% from the first quarter of 2013. Non-GAAP operating income for the first quarter was $423 million, an increase of 9% from the first quarter of 2013. Net income for the first quarter was $199 million, or $0.46 per diluted share, up 14% per diluted share compared to $173 million, or $0.40 per diluted share, for the first quarter of 2013. Non-GAAP net income for the quarter was $348 million, or $0.80 per diluted share, up 9% per diluted share compared to $319 million, or $0.74 per diluted share, for the first quarter of 2013. Operating cash flows for the first quarter were $750 million, an increase of 11% from the first quarter of 2013.
Free cash flows for the quarter were $673 million, an increase of 12% from the first quarter of 2013. Cash, cash equivalents and short-term investments were $6.62 billion and unearned revenues were $4.17 billion as of March 31, 2014.
“Our strong financial results reflect VMware’s unique position in helping customers transform their IT infrastructure,” said Pat Gelsinger, chief executive officer, VMware. “As the industry shifts from client server computing to the mobile-cloud era, customers are choosing our solutions because we have the most complete vision and offering for navigating this evolving world.”
“We are pleased with our first quarter comparable revenue growth of 18% as customer adoption across our solutions and services continues to grow,” said Jonathan Chadwick, chief financial officer, VMware. “Our integration of AirWatch and our new product line-up provides customers with the strongest portfolio of products and services in the industry.”
