By Kimberly Chin

VMWare Inc. reported increased third-quarter sales, beating analysts' estimates, as companies continued to demand cloud software and services.

The Palo Alto, Calif., company said revenue rose to $3.19 billion from $2.86 billion a year earlier. Analysts on average were targeting $3.12 billion in revenue, according to a FactSet poll.

Subscription and software-as-a-service annual recurring revenue, a key industry metric, increased 25% over last year to $3.31 billion.

Profit was $398 million, down from $434 million in the year-ago period. Per-share earnings were 94 cents, compared with $1.02 a year ago. Adjusted profit was $1.72 a share. Analysts were expecting earnings of 82 cents a share on a reported basis and $1.54 a share as adjusted.

The company had higher costs and spent more on research and development, sales and marketing and general and administrative expenses compared with the same period last year.

Earlier this month, VMWare completed its spinoff from Dell Technologies Inc., which had an 81% equity stake in the software maker.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

November 23, 2021 16:38 ET (21:38 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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