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Splunk satisfies Q1 targets, raises outlook for fiscal year

Splunk said billings were $242.8 million, up 30 percent year over year.

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(Image: Splunk)

Splunk reported solid first quarter earnings after the bell Thursday and raised its revenue outlook for the fiscal year.

The machine data software provider reported a first quarter net loss just over $99,931, or 73 cents per share.

Splunk's non-GAAP losses narrowed to a penny per share on a revenue of $242.4 million, up 30 percent year over year.

Wall Street was expecting a loss of 4 cents per share on a revenue of $233.86 million.

Splunk president and CEO Doug Merritt said the company landed more than 500 new enterprise customers during Q1. Billings were $242.8 million, up 30 percent year over year:

"We are pleased that customers continue to adopt the Splunk platform on-premises, in the cloud and in a hybrid environment. This continued adoption, flexible deployment and our strong app ecosystem is helping us deliver on our goal of increasing their success."

In terms of outlook, analysts are looking for earnings of 7 a share on revenue of $267.9 million. Splunk responded with revenue expectations between $267 million and $269 million. Splunk upped its guidance for billings from $1.4 billion to $1.425 billion.

Spluk also lifted its revenue outlook for the fiscal year to $1.195 billion, up from a previous outlook of $1.185 billion, and above analyst expectations for $1.19 billion.