Splunk Shares Rise On An Adjusted Earnings Beat

Shares of Splunk Inc. rose more than 6% late Tuesday after the San Francisco-based software company reported adjusted fiscal 2017 third-quarter per-share earnings above Wall Street expectations. Splunk said it lost a net $93 million, or 69 cents a share, in the quarter, compared with a loss of $73 million, or 57 cents a share, in the year-ago quarter. Adjusted for one-time items, the company said it earned $16.2 million, or 12 cents a share, in the quarter. Revenue rose to $245 million, compared with $174 million a year ago. Analysts polled by FactSet had expected Splunk to report adjusted earnings of 8 cents a share on sales of $230 million. Splunk also upped its expectations for revenues for the fiscal year ending Jan. 31 to between $930 million and $932 million, from a previous target between $910 million to $914 million. Shares had ended the regular trading day down 0.1%.