Markets: News  

Shares of software maker Splunk rose sharply after hours on Wednesday after the company boosted its full-year outlook for profit, sales and cash flow, following cost cuts and third-quarter results that beat expectations. The company, whose software helps businesses track data, said it expected full-year sales of between $3.455 billion and $3.485 billion, up from a prior forecast for between $3.35 billion and $3.4 billion. Executives said they expected free cash flow of "at least" $420 million, up from earlier expectations of $400 million. Shares rose 7.9% after hours. Splunk reported a third-quarter net loss of $32.6 million, or 20 cents a share, compared with a loss of $343.3 million, or $2.14 a share, in the same quarter last year. Revenue was $929.8 million, a 40% jump from $664.8 million in the prior-year quarter. Adjusted for stock-based compensation, amortization, restructuring and software development costs, Splunk earned 83 cents a share. Analysts polled by FactSet expected adjusted earnings of 25 cents a share, on revenue of $847.5 million.

-Bill Peters

(END) Dow Jones Newswires

November 30, 2022 18:19 ET (23:19 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.