In the fiscal 2022 first quarter ended April 30, Splunk posted a loss of $471 million, or $2.89 a share, widening from a loss of $305.58 million, or $1.94 a share, in last year’s quarter. The FactSet analyst consensus called for a $2.01 per-share loss in the latest quarter.
Revenue registered $502.05 million in the latest quarter, up 16% from $434.08 million a year earlier. Analysts projected $491.7 million for the latest quarter.
Splunk shares recently stood at $119.49, down 3.47% in after-hours trading, more than offsetting a 2.9% gain ahead of the report. The stock has slid 40% in the last six months.
Company officials were happy with the latest quarter’s performance. “We saw continued improvement in demand during the first quarter and customer engagement remains high across our portfolio of products and cloud services,” said Chief Financial Officer Jason Child.
“Our Cloud ARR exceeded 70% for the sixth straight quarter and we now have more than 200 customers with Cloud annual recurring revenue over $1 million dollars. As we look forward, we have great confidence in our ability to deliver continued high growth, particularly within our cloud business.”
Splunk shares fell in April, after it announced that its chief technology officer, Tim Tully, was leaving. The move sparked a number of analyst downgrades.
In its prior quarterly earnings statement, released in March, Splunk reported stronger-than-expected results. Revenue hit $745 million, topping the analyst consensus of $677.5 million.