UPDATE 1-Splunk posts bigger quarterly loss as expenses soar
* Net loss widens to $50.8 mln vs $16.1 mln a year earlier
* Expenses nearly double to $121.8 mln
* Expects 2nd-qtr revenue $92-$94 mln vs est $91.6 mln
* Shares fall 9 pct after the bell (Adds details, analyst comment; Updates shares)
By Sampad Patnaik
May 29 (Reuters) - Data analytics software maker Splunk Inc posted a bigger quarterly loss as the company spent more on hiring and product development, sending its shares down 9 percent in extended trading.
The company's net loss widened to $50.8 million, or 43 cents per share, in the first quarter ended April 30 from $16.1 million, or 16 cents per share, a year earlier.
Excluding items, the company posted a loss of 4 cents per share, smaller than the 6 cents loss analysts' on average had expected, according to Thomson Reuters I/B/E/S.
Operating expenses nearly doubled to $121.8 million.
The company's revenue jumped 50 percent to $85.9 million, above the average analyst expectation of $80.7 million.
The San Francisco-based company has been focusing on increasing its revenue and is yet to post a profit.
Splunk's software indexes and manages data from computers, servers and mobile devices and uses a Google-like interface that makes it easy to search and navigate a company's database.
The company forecast current-quarter revenue of $92 million to $94 million, ahead of analysts' estimates of $91.6 million.
Splunk's shares, which closed at $50.04 on the Nasdaq on Thursday, have lost nearly half their value since March.
"High multiple names such as Splunk remain in the penalty box as investors continue to flee these names and head toward safer ground in more value names," FBR Capital Markets analyst Daniel Ives said.
Splunk's stock trades at 1,466.4 times its 12-month forward earnings, compared with its software peer average of 22, according to StarMine. (Reporting by Sampad Patnaik in Bangalore; Editing by Sriraj Kalluvila)
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