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Splunk Says $208.6 Million Revenue Recognition Error Is Immaterial
Data platform understated sales recognized from deferred revenue by 34.3% over nine months in 2021.
December 1, 2022
One year after incorrectly reporting how much revenue was recognized from amounts included in deferred revenue, Splunk (SPLK), an enterprise data platform, is finally correcting the error.
Instead of recognizing $$606.6 million in nine months ended October 31, 2021, Splunk revealed in its latest quarterly filing it should have recognized $815.2 million, or 34.3% more than it did originally.
Splunk says the correction is immaterial to the prior period financial statements.
In June 2021, we added Splunk to the DuDil Shorts list after warning that a new billing policy would negatively impact cash flows.
Shares have since fallen 33.1%.
Related: DT, CSCO, SWI, DDOG, IBM, AVGO, NEWR, ORCL, APPD
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