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.
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