Sunday, June 16, 2024

Splunk IPO Doubles on Day One

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The Wall Street Journal: Software vendor Splunk saw its shares climb 109 percent on the first day of trading. That’s the best debut for a technology IPO so far this year, besting Millennial Media’s 92 percent surge on its first day of trading.

Part of the “big data” trend, Splunk’s software harvests machine data–the log data from servers, switches and all other devices that connect to an enterprise’s network–for analysis. The company has 3,700 customers, but has not yet turned a profit. It reported an $11 million loss for the fiscal year ended in January.

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