Splunk (NASDAQ:SPLK) shares rose nearly 6% after-hours following the company’s Q1 results, with EPS of ($0.32) coming in better than the consensus estimate of ($0.74). Revenue increased 34% year-over-year to $674 million, compared to the consensus estimate of $628.75 million. Cloud revenue increased 66% year-over-year to $323 million.
“Our first quarter execution was solid, with the team delivering strong top-line growth as the world’s largest organizations continued to place their trust in Splunk,” said Gary Steele, President and CEO of Splunk. “In this complex and unpredictable world, Splunk has become foundational to keeping organizations secure and resilient so they can drive success and innovate at scale.”
The company expects Q2/23 revenue in the range of $735-755 million, compared to the consensus estimate of $737 million. For the full 2023-year, the company expects revenue in the range of $3.3-3.35 billion, compared to the consensus estimate of $3.27 billion.
Shares of Splunk were down 20% year-to-date into the results.
