VMWare announces financial results for Q1 2021

VMware building with arched glass front

VMWare has reported its financial results for Q1 2021, reporting a net income of $386 million — 92 cents per diluted share — compared to $380 million in net income in Q1 2020.

VMWare also announced that Q1 2021 revenues checked in at $2.73 billion, which was a 12% increase over Q1 2020.

Combined subscription, SaaS and license revenues for Q1 2021 increased by 17% in Q1 2021 to $1.23 billion. Subscription and SaaS revenue alone experienced a year-over-year increase of 39% to $572 million.

This segment includes VMWare’s end-user computer business, Carbon Black security business, VeloCloud SD-WAN products and VMware Cloud on AWS, each of which also experienced strong growth during Q1 2021.

Pat Gelsinger, VMware CEO shared in an announcement: “In these unprecedented times, we delivered solid performance and strong execution in Q1 FY21. Ensuring the safety and well-being of our employees and addressing our customers’ rapidly changing needs have been our top priorities.

"We serve as an essential digital service to those customers who provide essential services, helping them scale efficiently and more securely.”

Zane Rowe, executive vice president and CFO at VMWare added: “Q1 demonstrated our ability to drive a positive ROI and enhanced resilience for customers undergoing digital transformations.”

These numbers stack up well with the Q1 2021 financial report of VMWare’s majority shareholder, Dell. This leads to a strong overall Q1 2021 for Dell as a whole.