Splunk adds 400 enterprise customers in Q1, ups outlook

The company is looking to move beyond its core IT and security market.

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Splunk reported a strong fiscal first quarter and raised its outlook as it continues to gain enterprise wallet share.

The company reported a first quarter net loss of $155.4 million, or $1.04 a share, on revenue of $484.85 million, up 36 percent from a year ago. Splunk's non-GAAP earnings were 2 cents a share.

Wall Street was looking for a first quarter non-GAAP loss of 14 cents a share on revenue of $395.4 million.

In the quarter, Splunk said it signed more than 400 new enterprise customers and expanded deals with existing clients. Splunk launched Connected Experiences and Business Flow, two suites that aim to move beyond the company's core IT and security markets.

For the second quarter, Splunk projected revenue of about $485 million. For fiscal 2020, Splunk projected revenue of $2.25 billion. Both sums were above expectations and previous guidance. 

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