VMware, Inc. ( VMW ) stock was up on Wednesday following its Q1 2016 earnings report.
VMware reported revenue of $1.59 billion for the first quarter of 2016. This is a 5% increase from revenue reported during the same time last year. The company's revenue also surpassed analysts' expectations, which were set at $1.58 billion.
VMware also announced a share buyback plan for 2016 that was approved by its Board of Directors. The plan allows the company to repurchase $1.2 billion of its stock through Dec. 31, 2016.
VMW shares were up 13% as of Noon Wednesday.
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