Splunk’s Upcoming Q3 Results Preview
<p>RBC Capital lowered its price target on <a href='https://financialmodelingprep.com/financial-summary/SPLK'>Splunk Inc. (NASDAQ:SPLK)</a> to $105 from $125 ahead of the upcoming Q3/23 results announcement.</p>
<p>The analysts expect Q3 results to follow a similar pattern to the previous three quarters where license drives revenue while Cloud ARR sees headwinds from delayed cloud migrations due to uncertain macros. As such, the analysts lowered their H2/23 and fiscal 2024 estimates. </p>
<p>The analysts anticipate results and the outlook to reflect continued near-term license strength with some headwinds to cloud ARR as they are generally below consensus expectations: (1) ARR vs. consensus at $3.461 billion, up 22% year-over-year, (2) revenue vs. guidance at $835-855 million and consensus at $847 million, up 27% year-over-year.</p>

NASDAQ:SPLK