Commvault Systems is a global leader in data protection and information management solutions. The company specializes in providing software and services that help organizations manage, protect, and utilize their data efficiently across various environments, including on-premises, cloud, and hybrid infrastructures. Commvault's offerings enable businesses to ensure data availability, streamline backup and recovery processes, and enhance overall data governance and security. With a strong focus on innovation, Commvault aims to empower organizations to harness the full potential of their data while addressing the growing challenges of data complexity and compliance.
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Commvault stock jumped early Tuesday, after the data backup and recovery company reported fiscal second quarter earnings and sales that exceeded expectations.
Shares of data backup provider Commvault (NASDAQ:CVLT)
jumped 20.9% in the afternoon session after the company reported a "beat and raise" quarter. Third-quarter results exceeded analysts' expectations for key top line indicators, including ARR (annual recurring revenue) and billings. Notably, revenue growth accelerated, up 16% y/y (vs 13% y/y in the previous quarter), as management called out strong demand for the Commvault Cloud platform.
Data backup provider Commvault (NASDAQ:CVLT) reported revenue ahead of Wall Street’s expectations in Q3 CY2024, with sales up 16.1% year on year to $233.3 million. On top of that, next quarter’s revenue guidance ($245 million at the midpoint) was surprisingly good and 3.6% above what analysts were expecting. Its non-GAAP profit of $0.83 per share was also 9.7% above analysts’ consensus estimates.
