Splunk (SPLK) Reports Q4 Beat and Raise, Appoints New CEO

Splunk (NASDAQ: SPLK) reported its Q4 results, with EPS of $0.66 coming in significantly better than the consensus estimate of ($0.19). Revenue grew 21% year-over-year to $901 million, compared to the consensus estimate of $777.28 million.

Cloud ARR grew 65% year-over-year to $1.34 billion and total ARR grew 32% year-over-year to $3.12 billion. Cloud revenue was $289 million, which represents a 69% year-over-year growth. The company ended the year with 317 customers with cloud ARR greater than $1 million, representing a 70% year-over-year growth, and 675 customers with total ARR greater than $1 million, which represents a 32% year-over-year growth.

The company also made an announcement today, according to which Gary Steele was appointed Chief Executive Officer and Board of Directors’ member of the company, effective April 11, 2022. Steele will replace Graham Smith, who has served as Interim CEO since November 2021. Smith will return to his role as Chair of the Splunk Board.

The company expects Q1/23 revenue to range from $615 million to $635 million, compared to the consensus estimate of $609.8 million.

The company expects full 2023-year revenue in the range of $3.25-3.3 billion, compared to the consensus estimate of $3.01 billion. The company anticipates Cloud ARR to be at least $2 billion, and total ARR to be approximately $3.9 billion.

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