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 (CVLT 0.51%) 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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