VMware Shares Rise On Earnings Beat, Reoganization

VMware Inc. shares rose in the extended session Tuesday after the virtualization software company topped Wall Street estimates and made good on reports of layoffs. VMware shares advanced 2.7% to $50.59. The company reported adjusted fourth-quarter earnings of $1.26 a share on revenue of $1.87 billion. Analysts surveyed by FactSet expected $1.25 a share on revenue of $1.85 billion. As expected from recent reports, VMware announced the "restructuring and realignment" of about 800 workers and the departure of chief financial officer and chief operating officer Jonathan Chadwick. Zane Rowe will serve as CFO, VMware said.