Virtualization software vendor VMware’s profits tripled while revenues rose 90% in its third quarter ended September 30.
Net income in the third quarter was $64.7 million (18 cents a share) compared to $19.2 million (six cents a share) in the year earlier quarter. Revenues climbed to $357.8 million from $188.8 million in the year earlier period.
VMware CEO Diane Greene was upbeat about the company’s prospects:
Increased customer-adoption of VMware Infrastructure was a significant driver in growing our revenues 90%.
During the third quarter, VMware launched four products including ESX Server 3i, an upgrade to its server-embedded hypervisor.
The September quarter was VMware’s first quarter as a public company following its IPO in August.
Shares of VMware surged 11% to $115.03 in mid-day trading on Thursday giving the company a market capitalization of $44 billion.
VMware’s sky-high market cap catapults it among the top five software firms in the world.
The company’s widgetryÂ lets companies cut hardware costs by running multiple operating systems and applications on a single machine and is a key enabler of server consolidation.