SPLK Stock: Splunk Beats Q3 Earnings & Revenue Estimates, View Up

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Splunk Inc. (SPLK – Free Report) reported third-quarter fiscal 2018 non-GAAP earnings of 17 cents per share, beating the Zacks Consensus Estimate by 3 cents. Moreover, the figure surged 72.6% year over year.

Revenues increased 34.3% year over year to $328.7 million and surpassed the Zacks Consensus Estimate of $310 million. The year-over-year growth was primarily driven by strong product portfolio and expanding clientele.

Cloud revenues totaled $24.4 million in the quarter. Overall software revenues including license and cloud revenues grew 34% year over year.

Total billings jumped 38% year over year to $381.6 million. Moreover, the company won more than 581 orders worth $100K, individually. Splunk added more than 450 new enterprise customers. Existing clients like Atlassian Corporation (TEAM – Free Report) expanded its EAA in the quarter. Another partner Nutanix (NTNX – Free Report) quadrupled its use of Splunk Enterprise for visibility in IT and security.

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