Splunk beats Q1 estimates, ups outlook

The machine data software provider says it added 450 new enterprise customers during the first quarter.

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Splunk reported first quarter earnings after the bell Thursday.

The machine data software provider reported a first quarter net loss just over $71 million, or 57 cents per share (statement).

Non-GAAP earnings came in at a loss of one cent per share on a revenue of $125.7 million, up 46 percent year-over-year.

Wall Street was expecting an earnings loss of three cents per share on a revenue of $118.21 million.

Splunk's shares ticked down about 2 percent in after market trading, in spite of the beating earnings targets.

Godfrey Sullivan, chairman and CEO, tailored his prepared remarks around one of the company's brightest spots of the quarter -- its 450 new enterprise customers.

"Q1 was a strong quarter and we appreciate and thank our 9,500 customers, which now include 80 of the Fortune 100," Sullivan said. "We welcomed a record number of new customers to Splunk Cloud driven by the compelling value delivered by our solutions across on-premises, cloud and hybrid environments."

As for its Q2 outlook, the company expects revenue between $105 million and $107 million. Bullish about the rest of its fiscal 2016 year, Splunk upped its guidance from $600 million to a range between $610 million and $614 million. That's above the analyst consensus of $603.5 million.

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