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VMware warns of fall in IT spending

VMware, the world's biggest maker of “virtualisation” software, on Tuesday cut its growth forecast, warning that a slower economy was leading companies to delay decisions on information technology spending and, in some cases, make fewer purchases.

Shares in the company fell more than 14 per cent in after hours trading as it also warned that competition from Microsoft, the world's biggest software group, could eat into sales growth.

VMware's revised outlook came as second-quarter sales fell below most Wall Street estimates, bucking a recent trend of relatively upbeat news from companies specialising in sales of information technology.

The company, which sells software that increases efficiency, said customers were taking a longer time to review big, multi-year IT purchases.

Some customers were electing to make fewer purchases, while others were passing up long-term contracts in favour of short-term licensing agreements.

“We are convinced this is due to uncertain economic conditions,” said Mark Peek, chief financial officer.

VMware, which is controlled by EMC, the world's biggest maker of data storage equipment, also admitted that it was coming under increased pressure from Microsoft, which last month launched its own virtualisation product.

While VMware said it had yet to lose any business to its bigger rival, there are concerns that Microsoft could gain a distribution advantage by bundling its virtualisation product with its other business software.

VMware's shares fell 14.4 per cent in after hours trading to $32.63 after it reported a second quarter net profit of $52m. Operating profit was $112m, up 52 per cent from last time.

VMware said it expected sales growth for the full year of just 42-45 per cent, which was below earlier estimates.

Источник: Financial Times

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