CommVault Systems Inc. (CVLT) saw its stock surge over 5% in pre-market trading on Tuesday, following the company's impressive fiscal third-quarter results and raised full-year guidance.
The data protection and cyber resilience solutions provider reported a 21% year-over-year increase in total revenues to $262.6 million for the quarter ended December 31, 2024, driven by strong growth in its subscription business. Subscription revenue jumped 39% to $158.3 million, fueling a 29% rise in subscription annual recurring revenue (ARR) to $734 million.
CommVault's non-GAAP earnings per share of $0.94 also surpassed analysts' expectations of $0.87, reflecting a 20% increase from the prior-year quarter. The company attributed its strong performance to its innovative approach to cyber resilience, which continues to win large net-new accounts and fuel its expansion business.
Encouraged by the robust third-quarter results, CommVault raised its full-year fiscal 2025 guidance. The company now expects total revenues in the range of $980 million to $985 million, up from its previous estimate. Subscription ARR is projected to grow between 28% and 30% year-over-year, while non-GAAP operating margin is anticipated to be between 20% and 21%.
Sanjay Mirchandani, President and CEO of CommVault, stated, "As we look to the future, we believe our unified platform, which enables customers to anticipate, prepare for, and recover from inevitable attacks, will be more critical than ever."
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