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VMware posts higher quarterly profits, revenue

VMware Inc. said its fiscal 2019 first-quarter net profit climbed to $942 million from the prior-year period's $245 million, boosted by higher total revenue.

The U.S. software company's EPS for the quarter increased to $2.29 from 59 cents reported in the same quarter last year. The S&P Capital IQ consensus EPS estimate was 72 cents.

Total revenue for the fiscal first quarter grew to $2.01 billion, up by 14% from $1.77 billion in the same period last year.

Revenue from services contributed $1.23 billion to the total, up from $1.12 billion a year ago.

Cost of services increased to $251 million from the prior-year quarter's $250 million.

The company's sales and marketing expenses came in at $706 million, up from $579 million a year prior. Research and development expenses stood at $453 million, up from $421 million. General and administrative expenses rose to $169 million from the previous year's $151 million. Income tax expense climbed to $233 million, up from $36 million.

VMware's operating income rose by 47% to $382 million from $261 million in the year-ago period.