NEW YORK (TheStreet) -- Shares of Splunk (SPLK) - Get Report are spiking by 8.41% to $41.77 on Friday morning, after the company reported its 2015 fourth quarter results and raised its forecast for the year.

After yesterday's market close, the San Francisco-based software provider posted adjusted earnings of 11 cents per share, beating analysts' estimates of 8 cents per share.

Revenue soared by 49% to $220 million year-over-year and topped Wall Street's expectations of $202.97 million.

Additionally, Splunk raised its revenue outlook to about $880 million from about $850 million for the full year.

For the current quarter, the company forecasts revenue between $172 million and $174 million, higher than analysts' projections of $171 million.

Splunk also said it added more than 600 enterprise customers during the period.

"Our record results, customer adoption and expansions reaffirm that we are truly differentiated in the market," President and CEO Doug Merritt said in a statement.

Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.

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This is driven by some concerns, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered.

The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: SPLK

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