Despite a technology sell-off on Thursday, Splunk (NASDAQ: SPLK) was surging in morning trading, up more than 8% as of 12:18 p.m. ET.
Chalk up Splunk's surge to a positive earnings report, which was released Wednesday afternoon. In addition, Splunk has been without a full-time CEO since former chief Doug Merritt resigned in November. But in conjunction with the earnings report, Splunk named a successor. Apparently, investors feel good about the choice.
In the quarter ended December, Splunk's revenue outperformed by a lot, growing 21% to $901 million, versus Wall Street estimates of just $776 million. The company also reported an adjusted ( non-GAAP ) net profit of $0.66 per share, versus an estimate of a $0.19 loss. Additionally, the company guided above consensus for the current quarter.
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Why Splunk Was Surging Today, Defying the Tech Sell-Off