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VMware (VMW) Stock Skyrockets on Solid Q1 Results, Share Buyback Program

NEW YORK (TheStreet) -- VMware (VMW - Get Report) shares are flying by 12.61% to $57.95 on Wednesday morning, following the company's 2016 first quarter results and the announcement of a $1.2 billion share buyback.

When the company released its financial figures yesterday after the market close, earnings for the recent period came in at 86 cents a share, two cents above expectations and flat from a year ago.

Revenue went up by 5% to $1.59 billion, also beating estimates of $1.58 billion.

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