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Software Maker VMware’s Profit Rises

January 26, 2016

CA: Companies In Silicon ValleyCA: Companies In Silicon Valley

(Reuters) – VMware quarterly profit rose 14.4% as demand increased for its virtualization software, which helps customers cut costs by running multiple operating systems on a single machine.

The company’s net income rose to $373 million, or 88 cents per share, in the fourth quarter ended Dec. 31 from $326 million, or 75 cents per share, a year earlier.

Revenue rose 9.7% to $1.87 billion.

The company also said its chief financial officer and chief operating officer Jonathan Chadwick was quitting and Zane Rowe would be the CFO from March 1.

VMware (VMW) also said it would restructure about 800 jobs.

VMware’s parent, data storage company EMC Corp, is in the process of being acquired by Dell.