Splunk Surges After Boosting Sales Forecast on New CustomersJames Callan
Splunk Inc., a maker of software that helps businesses analyze Internet data, jumped the most in nine months after raising its full-year sales forecast.
The shares increased 19 percent to $53.93 at the close in New York for the biggest gain since Nov. 22, 2013.
Splunk, which provides tools to analyze large sets of digital information from a variety of sources to improve service and reduce costs and security risks, was the first of the so-called big data companies to go public. The stock has more than tripled since its initial public offering in April 2012.
In the last quarter, Splunk signed more than 500 new customers including Portugal’s Banco BPI SA, Dell Inc. and retailer Nordstrom Inc., according to a statement today.
Revenue for fiscal 2015 will be $423 million to $428 million, increased from a previous forecast of $402 million to $410 million, the San Francisco-based company said. Analysts projected $411.3 million, the average of estimates compiled by Bloomberg.
Second-quarter revenue jumped 52 percent to $101.5 million, topping the $93.8 million average of analysts’ estimates. It ended the period with more than 7,900 customers worldwide.
Splunk’s shares more than doubled on their first day of trading in 2012 after pricing 70 percent above the originally proposed range in the initial public offering.
The company was backed by venture firms August Capital, JK&B Capital, Ignition and Sevin Rosen Funds. Splunk raised $25 million in 2007 to expand sales and marketing, build its international operations and develop partnerships.