VMWare Inc. /zigman2/quotes/209864107/composite VMW +0.07% , the cloud services company that has agreed to be acquired by Broadcom Inc. /zigman2/quotes/200646538/composite AVGO -1.64% in a deal valued at about $61 billion, posted earnings for the first quarter on Thursday, showing weaker-than-expected profit and revenue. The company had net income of $242 million, or 57 cents a share, for the quarter, down from $425 million, or $1.01 a share, in the year-earlier period. Adjusted per-share earnings came to $1.28, below the $1.56 FactSet consensus. Revenue rose to $3.088 billion from $2.994 billion a year ago, also below the $3.186 billion FactSet consensus. The company said revenue would have come to $3.14 billion excluding the impact of the suspension of its business in Russia and foreign currency effects. "We are focused on accelerating growth of our subscription and SaaS portfolio as we provide customers the flexibility and choice they seek," said CEO Raghu Raghuram in a statement. Shares rose 1.8% premarket and are up 4% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.06% has fallen 17%.