By Davit Kirakosyan

Splunk (NASDAQ:) shares rose nearly 6% after-hours following the company’s , with EPS of ($0.32) coming in better than the consensus estimate of ($0.74). The consensus estimate for $628.75 million was 674 million. However, revenue increased by 34% over the previous year to $674 million. Cloud revenue increased 66% over the year to $323million.

“Our first quarter execution was solid, with the team delivering strong top-line growth as the world’s largest organizations continued to place their trust in Splunk,” said Gary Steele, President and CEO of Splunk. “In this complex and unpredictable world, Splunk has become foundational to keeping organizations secure and resilient so they can drive success and innovate at scale.”

According to consensus estimates, Q2/23 revenues will be in the $735-$755 million range. In 2023, revenue is expected to be in the region of $3.3-3.5 billion. This compares with the $3.27 trillion consensus estimate.

Splunk’s shares fell 20% in year-to-date results