UPDATE: Splunk (SPLK) Misses Q3 EPS by 16c, Revenues Miss; Offers 4Q Revenue Guidance Below Consensus

Splunk (NASDAQ: SPLK) reported Q3 EPS of ($0.07), $0.16 worse than the analyst estimate of $0.09. Revenue for the quarter came in at $599 million versus the consensus estimate of $613.03 million.

Third Quarter 2021 Financial Highlights

• Cloud ARR was $630 million, up 71% year-over-year.
• Total ARR was $2.07 billion, up 44% year-over-year.
• Cloud revenue was $145 million, up 80% year-over-year.
• Total revenues were $559 million, down 11% year-over-year.
• 444 customers with ARR greater than $1 million.

“Even in the face of uncertain market conditions, Splunk remains one of the fastest growing companies in the history of enterprise software,” said Doug Merritt, President and CEO, Splunk. “We crossed an important milestone during the quarter as continued demand for data-driven insights across our global customer-base drove our total ARR to over $2 billion. Today, there’s no better strategic partner to help organizations turn their data into action and accelerate their journey to the cloud than Splunk.”

“Our cloud momentum continued in the third quarter, we exceeded our cash flow target significantly and we ended with Cloud ARR up 71% year-over-year — among the highest growth rates in the industry,” said Jason Child, chief financial officer, Splunk. “While the environment was a challenge in the quarter, we are enthusiastic about the large and growing opportunity ahead and remain confident in our long-term growth trajectory.”

GUIDANCE:

Splunk sees Q4 2021 revenue of $650-700 million, versus the consensus of $777.73 million.

For earnings history and earnings-related data on Splunk (SPLK) click here.

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