Posted on Monday, Aug 31st 2020
Virtualization infrastructure provider VMWare (NYSE:VMW) recently announced its second quarter results that surpassed market expectations. It experienced strong momentum in its SaaS portfolio that offset the decline in its on-premise portfolio.
VMware’s second quarter revenues grew 9% to $2.88 billion, ahead of the Street estimate of $2.8 billion. Non-GAAP EPS was $1.81, ahead of the Street’s forecast of $1.45. Net income was $621 million or $1.5 per share compared with $334 million or $0.81 per share a year ago.
By segment, revenue from License segment declined 7% to $719 million and Services segment grew 7.4% to $1.5 billion. Strong demand for Carbon Black, VMware on AWS, and the VMware Cloud Provider Partner (VCPP) business drove 44% growth in Subscription and SaaS revenue to $631 million, accounting for 22% of total revenue.
VMware’s on-premise portfolio was impacted by reduced spending due to the pandemic. NSX license bookings declined in the mid-single digits and vSAN license bookings declined in the low single digits. End User Computing (ECU) license bookings declined in high single digits.
VMware did not provide guidance for the third quarter. VMware’s parent-owner Dell recently filed their considerations of a potential VMware spinoff. VMware CEO Pat Gelsinger clarified during the earnings call that any potential spinoff would not occur prior to September 2021.
VMware’s New Offerings
VMware continues to further the Company’s multi-cloud strategy with a new cloud platform, cloud services, and cloud management offerings. It is focusing on cloud monetization and cloud migration as well as the cloud platform and ecosystem. It has reached general availability status for new first party services offerings with Google Cloud and Oracle. Microsoft unveiled its next-generation Azure VMware solution earlier this quarter. VMware announced the availability of the second generation of VMware Cloud on Dell EMC that delivers simple, more secure and scalable infrastructure as a service to customers on-premise data center and edge locations.
VMware launched new capabilities for VMware Cloud on AWS for app modernization, business continuity and resiliency, and cloud migration. It expects the recent Datrium acquisition to bolster the VMware Site Recovery offering.
A new focus area for VMware is AI and ML. It recently introduced VMware vSphere BitFusion to enable enterprises to deliver elastic infrastructure on-demand for AI and ML applications.
VMware is also focusing on 5G. DISH has chosen VMware Telco Cloud to help deploy the world’s first 5G, cloud-native Open Radio Access Network. The platform will help bring to life the first network in the US to combine the efficiency of the distributed telco cloud, public cloud and private cloud environments while delivering consistent, low latency edge computing. VMware is also collaborating with Intel on an integrated software platform for virtualized Radio Access Networks to accelerate the rollout of both existing LTE and future 5G networks.
VMware this year has made a series of technology acquisitions including Octarine, a cloud-native security platform that will be integrated into VMware Carbon Black Cloud. Founded in 2017, Octarine had raised $9 million in funding from Accel, Battery Ventures, Liberty Technology Venture Capital, and Sorenson Capital. Terms of the deal were not disclosed.
In June, it acquired Lastline, a pioneer in anti-malware research and Artificial Intelligence-powered network detection and response. It will be integrated into NSX to provide a complete, internal firewall capability, opening new opportunities for its network virtualization and security platform NSX. Founded in 2011, Lastline had raised $52.2 million from Thomvest Ventures, Redpoint, e.ventures, Barracuda Networks, NTT Finance, and Dell Technologies Capital. Terms of the deal were not disclosed.
In July, VMware acquired The True Visibility Suite team and products from Blue Medora to enable VMware vRealize Operations to provide visibility and insight into customers’ broad data center and hybrid cloud environments. Founded in 2007, Blue Medora had raised $32.5 million from Edison Partners, First Analysis, Tappan Hill Ventures, and Lewis & Clark Ventures. Terms of the deal were not disclosed.
Its latest acquisition was that of cloud-based disaster recovery service provider Datrium to expand VMware Cloud on AWS’ Site Recovery offering. Founded in 2012, Datrium had raised $170 million from Samsung Catalyst Fund, Icon Ventures, New Enterprise Associates, and Lightspeed Venture Partners. Terms of the deal were not disclosed. Early this year, I had interviewed the
CTO of Datrium Sazzala Reddy on the company’s journey.
While VMWare had made small strategic acquisitions this year, it made two large acquisitions last year of Pivotal for $2.7 billion and Carbon Black for $2.1 billion. During Q2, Carbon Black had strong product bookings and customer count increased to over 20,000 from
5,600 when it was acquired. These acquisitions have helped it build out five franchise platforms of modern apps, multi-cloud, networking, digital workspace, and security. It will be interesting to see the impact of these two acquisitions on its cloud strategy in the future.
Its stock is trading at $146.9 with a market capitalization of $61.2 billion. It touched a 52-week high of $173.37 in November last year and a 52-week low of $86 in March this year.
Photo Credit: sporst/Flickr.com. This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . ServiceNow Grows Through Addition of Capital-Efficient Startups . Zendesk and Freshworks Follow Different Acquisition Strategies . Tableau Grows Through Small Acquisitions . Open Platform Strategy Stands Intuit in Good Stead . Will GoDaddy Follow the PaaS Route? . Adobe Delivers Via PaaS More »» . A Look at Oracle’s 2018 M&A Activity . What Apps Will Drive More Traction for Cloudera? . Slack's App Focus Will Be Key to Post-IPO Success . IBM Counts on its Cloud and Platform for the Turnaround . Atlassian Acquires From its PaaS Marketplace . What Should SAP Acquire to Triple its Value by 2023? . Expect ServiceNow to Acquire From App Marketplace . Should Alarm.com Follow a PaaS Strategy? . 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Splunk on the Right Track with Cloud and PaaS . Veeva Sets an Example, Transitions to a Public Benefit Corporation . BlackLine is Targeting A/R Automation Market . Okta Targets $25B Customer Identity Market with Acquisition . Teradata Trying to Reinvent Itself on the Cloud . Dropbox Acquires, But Competition Remains Stiff . Smartsheet Focuses on Partners, and not on ISVs . MongoDB has Huge Room to Grow in $97B Market . Cloud and Platform Expansion Continues at Nutanix . Rapid7 Targets $1B ARR by 2025 . DocuSign Exploring Unprecedented Digital Signature Offerings . Tenable Continues its Acquisition Spree . SolarWinds Attack Driving Zscaler's Stellar Performance . Zoom Should Report Developer Ecosystem Metrics . Dynatrace Competing with Rivals by Simplifying DevOps . Talend Becomes a Private Firm, Once Again . Everbridge Focuses on the Government Sector . Analysis of Fastly’s Signal Sciences Acquisition . Cloudera Focuses on Machine Learning for Verticals . 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Market Leader Tenable Leverages Acquisitions for Growth . Analysis of Zscaler's Recent Two Acquisitions . Analysis of Rapid7's Velocidex Acquisition . Dropbox Expands in International eSignature Market . MongoDB Rides High on Five Years of Atlas . RingCentral Leverages Partnerships for Growth . BlackLine Remains Focused on SAP . ON24 Expands Marketing Offerings . Analysis of Magnite's Spot X Acquisition . PagerDuty Focuses on Integrations . Analysis of Bill.com's Divvy Acquisition . C3.ai Doubles Down on Partnerships . Analysis of Coupa's Pana Acquisition . BigCommerce Eyes a Bigger Marketshare Through Walmart Tie-up . Analysis of Everbridge's xMatters Acquisition . Adobe's Digital Solutions Drive Stellar Growth . CrowdStrike Leads in Endpoint Security Through Tie-ups . Snowflake Focuses on Expanded Partner Program to Drive Growth . Analysis of Sumo Logic's Sensu Acquisition . Dynatrace Counts on AI to Continue its Market Leadership . Analysis of IBM's Waeg Acquisition . 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MongoDB's Atlas Capabilities Expand to the Government Sector . Analysis of Bill.com's Invoice2Go Acquisition . DocuSign Banks on Agreement Cloud . Smartsheet's Expanding Use Cases . Analysis of Salesforce's Servicetrace Acquisition . Zscaler Focuses on Federal Agencies . Coupa Launches PaaS Strategy . Analysis of BlackLine’s Kyriba Partnership . PagerDuty's Expanding Integration Portfolio . Analysis of Tenable's Accurics Acquisition . Upstart’s Improving AI Algorithm in FinTech Consumer Lending . Analysis of C3.ai's Growing Partnerships . Analysis of Veeva's Learnaboutgmp Acquisition . Analysis of Adobe's Frame.io Acquisition . Snowflake Focuses on the Financial Services Sector . CrowdStrike Expands Government Offerings . Zoom Focuses on Expanding Reseller Offerings . Dropbox Focuses on Content Creators with New Product . Analysis of Okta's atSpoke Acquisition . Sumo Logic Leverages Red Hat Marketplace . Analysis of Dynatrace's SpectX Acquisition . Tuya Prepares to Address the Chip Shortage . Analysis of Appian's Lana Labs Acquisition . Analysis of Qualtrics's $1.125B Clarabridge Acquisition . Fastly Addresses Latency Issues for Developers . Alarm.com Leverages AI for Growth . Analysis of IBM's Rego Acquisition . Analysis of Unity's Parsec Acquisition . UiPath Envisions Advanced ML Capabilities . Microsoft Teams Lags Far Behind Zoom . Analysis of ServiceNow's Gekkobrain Acquisition . Google Attempts to Gain Ground in Cloud and AI . Atlassian Expands Beyond IT Offerings . Amazon Addresses Margin Pressures Through Product Upgrades . Twilio Leverages Segment Platform for Product Expansion . Shopify Expands PaaS Integrations . Analysis of Zendesk's $4.1B Momentive Acquisition . HubSpot Becomes a Stickier Platform . Analysis of Alteryx's Acquisitions . Wix Focuses on Fitness Services Providers . Pure Storage Partners with Microsoft Azure to Address Chip Shortage Concerns . Analysis of Salesforce's LevelJump Acquisition . Qualys Expands Solutions to Address Ransomware . Veeva Eyes Data Cloud . Splunk Expands Partner Capabilities . Coupa Continues to Build on its PaaS . MongoDB Focuses on Winning Government Contracts . DocuSign Targets $50B Market Opportunity in Agreement Cloud . Smartsheet Focuses on PaaS Growth . C3.ai Expands Enterprise and Public Sector Presence . 25 Cloud Stocks to BUY in 2022 . IBM Realigns its Portfolio to Focus on AI and Hybrid Cloud . Analysis of ServiceNow's DotWalk Acquisition . Analysis of Atlassian's Percept.AI Acquisition . Should Microsoft Break Itself Up? . Google Focuses on AI Enhancements . Amazon to Test Prime Customer Stickiness . Bill.com Continues Focus on Services for the SMB Segment . Analysis of GoDaddy's Pagely Acquisition . HubSpot's PaaS Keeps Growing . Freshworks Targets IT Operations Management Market . Zendesk Rejects Private Equity Buyout Offer . Shopify Emerges as a Covid Beneficiary with Stellar Results . Wix Simplifies App Creation . Anaplan Expands AWS Relationship . ON24 Builds a Partner Network . RingCentral Maintains Market Share Leadership in UCaaS Through Partnerships . BigCommerce Rides on TikTok's Growth . Analysis of Veeva's Veracity Acquisition . Salesforce Slows Down M&A to Focus on Integration . Okta's Widening Losses Worry Investors, But Growth Metrics Remain Strong . Nutanix Plans to Take on VMWare . Newly Public HashiCorp Focuses on a $73B Infrastructure-as-a-Code Market . Coupa Focuses on Key Products to Restart Decelerating Performance . Smartsheet's Product Line-up Fails to Accelerate Growth . DocuSign Targets a $50 Billion Market Opportunity . Pure Storage Takes on Dell in Top Tier Storage Market . Analysis of PagerDuty's Catalytic Acquisition . Splunk Impresses with Enterprise Customer Growth . Analysis of Qualtrics's Acquisition of SurveyVitals . Analysis of DigitalOcean's Nimbella Acquisition . Squarespace Eyes Video Offerings for SMBs . MongoDB is Leveraging Alliance with Amazon for Growth . Rapid7's Cross-Sell Capabilities Deliver Results . CrowdStrike Expands Partnerships to Address Cyber Attack Fears . Upstart Focuses on the Automobile Market for Growth . Zoom Adds Contact Center Capabilities to Enhance its UCaaS Stack . Tuya Struggles Amid Macro Economic Conditions . Analysis of Fastly's Fanout Acquisition . Analysis of BlackLine's FourQ Systems Acquisition . Analysis of IBM's Neudesic Acquisition . Analysis of Snowflake's Streamlit Acquisition . Google's Acquisition of Mandiant Fuels its Cloud Strategy . Microsoft Expands its Healthcare Cloud Offerings . Amazon Battles Margin Pressures . Atlassian Faces Stiff Competition . GoDaddy Targets a $126B TAM Opportunity . Bill.com Builds Value Added Services to Expand Wallet Share . Analysis of ON24's VIBBIO Acquisition . Twilio's Growth is Driven by Segment . Freshworks' Bots Make Customer Interactions Easier . Who Will Buy Zendesk? . Analysis of Shopify's Deliverr Acquisition . Wix Focuses on Profitability Amid Mounting Losses . Dynatrace Targets $50B Addressable Market . Analysis of Salesforce's Troop.Ai Acquisition . Analysis of Workday's VNDLY Acquisition . Nutanix Stumbles on Supply Chain Issues . Veeva Targets $13 Billion TAM . Okta Bounces Back Stronger Despite Security Event