Flash: VMware prelim $0.51 vs $0.47 Capital IQ Consensus Estimate; revs $921 mln vs $873.49 mln Capital IQ Consensus Estimate

VMware beats by $0.04, beats on revs; guides Q3 revs above consensus; guides FY11 revs above consensus (106.02 +5.24)
Reports Q2 (Jun) earnings of $0.51 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.47; revenues rose 36.8% year/year to $921 mln vs the $873.5 mln consensus. Co issues upside revenue guidance for Q3, sees Q3 revs of $915-940 mln vs. $898.75 mln Capital IQ Consensus Estimate. The third quarter non-GAAP operating margin is expected to decline sequentially by 260 to 360 basis points. Co issues upside guidance for FY11, sees FY11 revs of $3.65-3.75 bln vs. $3.63 bln Capital IQ Consensus Estimate.