Splunk tops Q1 targets, revenue up 48 percent

Splunk president and CEO Doug Merritt said the company landed more than 450 new customers during Q1.

Splunk reported first quarter earnings after the bell Thursday that topped estimates for revenue.

The machine data software provider reported a third quarter net loss just over $100,896, or 77 cents per share (statement).

Splunk's non-GAAP losses narrowed to two cents per share on a revenue of $186.0 million, up 48 percent year-over-year.

Wall Street was expecting a loss of two cents per share on a revenue of $174.12 million.

Splunk president and CEO Doug Merritt said the company landed more than 450 new customers during Q1, which also saw the release of Splunk Enterprise 6.4 and a new Splunk Cloud.

Merritt also said Splunk is planning "increased investments in the Splunk platform, our ecosystem and high value solutions."

In terms of guidance, Splunk expects third quarter revenue between $198 million and $200 million. Analysts are looking for earnings of penny a share on revenue of $199.4 million.

Spunk is raising its revenue forecast for the fiscal year from its previous estimate of $880 million. The company now expects revenue between $892 million and $896 million. Wall Street is expecting $882 million in revenue.