Splunk on Thursday said its shift to a SaaS model is accelerating, with cloud driving nearly half of its software bookings in the first quarter. Even so, total first quarter revenues that fell below market expectations.
The company reported a Q1 non-GAAP loss per share of 56 cents on revenue of $434 million, up 2 percent year-over-year.
Analysts were expecting a net loss of 57 cents per share on revenue of $442.85 million.
"COVID-19 has transformed the world into one that requires rapidly accelerated digital transformation to keep organizations moving - we are seeing some resilient customers complete three-to-five year projects in just months," CEO and president Doug Merritt said in a statement. "As customers continue to adapt to this new normal, data matters more than ever, evidenced by our continued strong momentum this quarter."
Splunk's annual recurring revenue for the quarter was $1.775 billion, up 52 percent year-over-year. Cloud revenue came to $112 million, up 81 percent year-over-year.
The company landed new and expanded deals with a number of major customers, including Autodesk, Experian, Hitachi Capital, Kayak, Mount Sinai Health System, Santander Bank, Shopify, the state of Illinois, TD Ameritrade and Zoom.
For the second quarter, Splunk expects revenues of approximately $520 million.