By Denny Jacob

VMWare Inc. on Tuesday logged higher revenue but dwindling profit in the latest quarter.

The software maker posted net income of $231 million, or 54 cents a share, for the third quarter ended Oct. 28, compared to $398 million, or 94 cents a share, a year earlier. Adjusted earnings were $1.47 a share, below analysts' estimates of $1.59.

Revenue rose to $3.21 billion from $3.29 billion. Analysts polled by FactSet had expected $3.19 billion.

Subscription and software-as-a-service revenue, a key industry metric, increased 20% over the last year to $988 million in the quarter.

The company's subscription and software-as-a-service annualized annual recurring revenue growth reflects increased adoption of its multi-cloud product portfolio and recently introduced customer programs, said Chief Financial Officer Zane Rowe.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

November 22, 2022 16:51 ET (21:51 GMT)

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