Pivotal Software tops Q3 targets

The Dell Technologies company reported revenue growth of 30 percent.

Pivotal Software reported its third quarter financial results with revenue growth of 30 percent.

The company reported a third quarter net loss of $34.8 million, or 45 cents a share, on revenue of $168.1 million. The non-GAAP net loss was 5 cents a share for the quarter. In the quarter, subscription revenue was up 53 percent from a year ago to $100.8 million. Analysts were expecting a non-GAAP net loss of 8 cents a share on revenue of $163.7 million.

As for the outlook, Pivotal projected fourth quarter revenue between $169 million and $171 million with a non-GAAP net loss of 9 to 10 cents a share. Wall Street is looking for Q4 revenue of $167.2 million.

Pivotal, which went public in April, falls under the Dell Technologies umbrella. CEO Rob Mee said the company saw "meaningful transactions with both new and existing customers" during the quarter. Pivotal said it grew new subscription customers to a total of 368.

For fiscal 2019, Pivotal raised its projected revenue to a range of $657 million to $659 million with a non-GAAP net loss down to 32 cents a share to 31 cents a share.