GEC NEWS WIREAnnual GAAP total revenues of $6.57 billion, up 9% year-over-year or 12% on a constant currency basis; VMware appoints Zane Rowe as CFO
VMware’s financial results for the fourth quarter and full year of 2015 have highlighted an increase of 10% in the total revenues, from the fourth quarter of 2014, and up 12% year-over-year on a constant currency basis.
The annual review has shown that the GAAP total revenues for 2015 were $6.57 billion, an increase of 9% from 2014, or up 12% year-over-year on a constant currency basis. “VMware’s Q4 2015 was a solid finish to 2015,” said Pat Gelsinger, chief executive officer, VMware. “We were especially pleased with the growth across our portfolio of emerging products and businesses, including NSX, End-User Computing and Virtual SAN. All of these businesses demonstrated strong growth in both Q4 and for the full year, underscoring the momentum we expect to continue into 2016.”
“Our Q4 and 2015 results met or exceeded our revenue and operating margin expectations for the quarter and the year,” said Jonathan Chadwick, chief financial officer, chief operating officer and executive vice president, VMware. “We are seeing the results of our product transitions and have positive momentum with our newer solutions heading into 2016.”
VMware also announced a restructuring and realignment of approximately 800 roles and plans to take a GAAP charge estimated to be between $55 million and $65 million related to this action over the course of the first half of 2016. The company plans to reinvest the associated savings in field, technical and support resources associated with growth products.
In addition, Jonathan Chadwick, VMware’s chief financial officer, chief operating officer and executive vice president, has decided to leave VMware and expand his advisory roles, working with a number of companies as a non-executive board member. VMware has appointed Zane Rowe as the company’s new chief financial officer and executive vice president. Rowe brings a wealth of executive experience from prior leadership roles at Apple, United Airlines, Continental Airlines and most recently as CFO of EMC. Rowe will assume the CFO role on March 1, 2016.
