The company highlighted in the report that in Q1/21, annual recurring revenue (ARR) was $1.775 billion, up 52% year-over-year. The firm additionally stated that for Q1/21 Cloud revenue was $112 million, up 81% year-over-year and that total revenues were $434 million, up 2% year-over-year. The company indicated that in Q1/21 it posted a GAAP loss per share of $1.94 and a non-GAAP loss per share of $0.56.
The company's President and CEO Doug Merritt remarked, "COVID-19 has transformed the world into one that requires rapidly accelerated digital transformation to keep organizations moving. We are seeing some resilient customers complete three-to-five year projects in just months. As customers continue to adapt to this new normal, data matters more than ever, evidenced by our continued strong momentum this quarter."
"Data helps save lives and reimagines business. I'm extremely proud of our team's product vision and tenacity as we help our customers bring data to COVID-19 response and help get the world back to work," CEO Merritt added.
Jason Child, CFO of Splunk, commented, "Our shift to a SaaS model is accelerating with cloud driving nearly half of total software bookings in the quarter with ARR growing 52% year over year...We are also thrilled to have been recently added to the Fortune 1000, which is monumental recognition for a software company and a testament to the importance of data in today's world."
The company stated that it had gained many new clients and expanded its offerings to its existing customers. This list of firms included Allied Irish Bank, Autodesk, Experian, Hitachi Capital, Kayak, Mount Sinai Health System, Santander Bank, Shopify, State of Illinois, Statkraft, Square Enix, Take-Two Interactive Software, TD Ameritrade, Transurban and Zoom.
The company additionally provided forward guidance for Q2/21, but withdrew its FY/21 guidance. Splunk advised that for Q2/21 it expects that total revenues will be approximately $520 million and its non-GAAP operating margin will be between negative 10% and negative 15%.
Splunk, headquartered in San Francisco, Calif., is engaged in developing and marketing of software solutions. The company stated that "it turns data into doing with the Data-to-Everything Platform and that its technology is designed to investigate, monitor, analyze and act on data at any scale."
Splunk Inc. began the day with a market capitalization of around $26.0 billion with approximately 158.8 million shares outstanding and a short interest of about 4.9%. SPLK shares opened 5% higher today at $171.83 (+$8.38, +5.13%) over yesterday's $163.45 closing price and reached a new 52-week high price this morning of $184.75. The stock has traded today between $170.50 and $184.75 per share and is currently trading at $182.44 (+$18.99, +11.62%).[NLINSERT]
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