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NEW YORK (TheStreet) -- Shares of Splunk Inc. (SPLK) are down by 5.42% to $67.42 at the start of trading on Friday morning, after the software products provider issued its fiscal 2016 first quarter earnings results.

Splunk reported a wider loss for the fiscal first quarter of 57 cents per share, compared to the loss of 43 cents per share for the year ago first quarter.

For the most recent quarter the company posted a non-GAAP earnings loss of 1 cent per share. Analysts polled by Thomson Reuters were expecting an earnings loss of 3 cents per share.

Revenue for the first quarter grew by 46% to $125.7 million

Splunk's revenue and customer base have seen rapid growth but the company has yet to post a profit, The Wall Street Journal reports.

Separately, TheStreet Ratings team rates SPLUNK INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate SPLUNK INC (SPLK) a SELL. This is driven by a few notable weaknesses, which we believe 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 we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity and feeble growth in its earnings per share."

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

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