VMware Tuesday reported first-quarter revenues, up 69% year-over-year to $438 million, better than the $422.4 million Wall Street expected. The market has been down on the company out of fear it will be trumped by the increasing competition, particularly Microsoft. But, for the moment at least it regretted its negativism and pushed the stock up over 16% after-hours into the high 60s, a level it hasn't seen since February. However, the Nasdaq newbie, last year's IPO darling, was in the hundreds in October and early November so it's got a lot of ground still to make up.