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VMware surged 9.2% on Q2 results

Shares of virtualization solution provider VMware (VMW) surged on Tuesday following the company's second-quarter report. VMware beat analyst estimates on all fronts and raised its guidance for the full year. After rising as much as 10.7% during the day, VMware stock closed up 9.2%.

VMware reported quarterly revenue of $1.69 billion, up 6% year over year excluding the effect of the settlement of a lawsuit in the prior-year period. This beat analyst estimates for revenue by about $10 million. License revenue increased 1% year over year, while services revenue jumped 9.4%.

On a GAAP basis, the company reported earnings per share of $0.62, up from $0.40 during the prior-year period. VMware reported non-GAAP EPS of $0.97, up from $0.93 during the prior-year period and $0.02 higher than analysts were expecting.

In addition to beating analyst estimates, VMware raised its guidance for the full year. The company now expects revenue in a range of $6.95 billion to $7.05 billion, up from previous guidance of $6.785 billion to $6.935 billion. Non-GAAP EPS is expected to be between $4.27 and $4.33, up from a range of $4.07 to $4.16.

Good figures, I will be looking for dips to buy.