Why CommVault Shares Vaulted Higher
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of CommVault have vaulted higher today by as much as 12% after the company reported better-than-expected earnings.
So what: Revenue in the quarter hit a new record at $128.1 million, which turned into non-GAAP earnings per share of $0.39 by the time you reach the bottom line. Both results topped analyst forecasts of $128.1 million in sales and $0.32 per share in profit.
Now what: CEO N. Robert Hammer said software sales grew 28%, driven by all-time high volumes of enterprise deals and solid performance across all major geographies. CommVault also continues to invest in future growth, but was able to still generate non-GAAP operating profits. The company did not repurchase any shares during the quarter and still has $102.8 million remaining under the current plan.
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The article Why CommVault Shares Vaulted Higher originally appeared on Fool.com.Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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