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Earnings Results: Splunk stock rallies as cloud revenue surges 66% from a year ago

Splunk Inc. rallied in after-hours trading Wednesday as the cloud-based enterprise software company reported results that topped Wall Street estimates and hiked its full-year outlook.

Splunk
SPLK,
+4.90%

shares rose as much as 10% after hours, following a 4.9% rise in the regular session to close at $93.12. Over the past 12 months, shares have dropped 22%, compared with a 5% decline by the S&P 500 index 
SPX,
+0.95%

and a 16% fall by the tech-heavy Nasdaq Composite Index 
COMP,
+1.51%
.

Splunk reported a first-quarter loss of $304.3 million, or $1.90 a share, compared with a loss of $471 million, or $2.89 a share, in the year-ago period. The company reported an adjusted loss, which excludes stock-based compensation expenses and other items, of 32 cents a share, compared with 91 cents a share in the year-ago period.

Revenue rose to $674.1 million from $502.1 million in the year-ago quarter, as cloud revenue surged 66% to $323 million.

Analysts surveyed by FactSet had forecast a loss of 74 cents a share on revenue of $631 million.

Splunk expects second-quarter revenue between $735 million and $755 million, while analysts had forecast revenue of $738.8 million.

Splunk expects revenue of $3.3 billion to $3.35 billion, up from a previous forecast of $3.25 billion and $3.3 billion for fiscal 2023. Analysts expect fiscal-2023 revenue of $3.3 billion.

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