Shares of CommVault Systems (CVLT) soared by nearly 25% on October 29, 2024, as the data backup and recovery solutions provider reported strong fiscal second-quarter results that exceeded expectations and raised its full-year revenue guidance.
For the quarter ended September 30, CommVault posted adjusted earnings per share of $0.83, comfortably beating analysts' estimates of $0.76. Revenue climbed 16% year-over-year to $233.3 million, surpassing expectations of $220.8 million. The company's CEO, Sanjay Mirchandani, attributed the strong performance to "increasing demand for our innovative Commvault Cloud platform," which has resulted in four consecutive quarters of double-digit revenue growth.
Building on the robust quarterly performance, CommVault raised its fiscal 2025 revenue outlook to a range of $952 million to $957 million, up from its previous guidance of $915 million to $925 million. The company cited higher demand for its data protection services amidst an evolving cyber landscape, where customers are increasingly focused on recovery and resilience capabilities.
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