VMware Inc. named a new chief executive Wednesday while also delivering better-than-expected preliminary results for its fiscal first quarter.
Rangarajan (Raghu) Raghuram, who currently serves as VMware’s
chief operating officer for products and cloud services, will be moving to the CEO role and joining VMware’s board of directors beginning June 1. The company’s prior CEO, Pat Gelsinger, left in February to head up Intel Corp.
“VMware is uniquely poised to lead the multi-cloud computing era with an end-to-end software platform spanning clouds, the data center and the edge, helping to accelerate our customers’ digital transformations,” Raghuram said in a release.
That release also contained preliminary results for VMware’s fiscal first quarter, for which the company expects to report $2.994 billion in revenue, up 9.5% from a year earlier. The FactSet consensus was for $2.908 billion in revenue.
VMware also anticipates that it will report net earnings per share of $1.01 and adjusted earnings per share of $1.76. Analysts tracked by FactSet were modeling 80 cents in net EPS and $1.51 in adjusted EPS.
The company formally announces its quarterly results on May 27, after the closing bell.
VMware’s stock, which was still inactive in premarket trading, has rallied 14.8% year to date, while the S&P 500 index
has advanced 10.5%.