Stock Track | CommVault Stock Soars on Q2 Beat and Raised Outlook
CommVault Systems Inc. (CVLT) saw its stock surge over 12% in pre-market trading on Monday, October 29th, after the data backup and recovery company reported strong fiscal second-quarter results and raised its full-year revenue guidance.
For the quarter ended September 30th, CommVault posted adjusted earnings per share of $0.83, beating analysts' estimates of $0.76. Revenue came in at $233.3 million, surpassing expectations of $220.8 million and representing a 16% year-over-year increase.
The company attributed its solid performance to higher demand for its data protection services amidst an evolving cyber landscape, where customers are increasingly focused on recovery and resilience capabilities. CommVault's recent acquisition of Clumio, a data protection firm specializing in Amazon Web Services infrastructure, also contributed to the strong results.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Most Discussed
No relevant data is available