What: Shares of CommVault Systems (NASDAQ:CVLT) were up more than 15% as of 1:00 p.m. ET Wednesday after the data and information management software company released better-than-expected fiscal third-quarter 2016 results. 

So what: Quarterly revenue rose 2% year over year (6% on a constant currency basis) to $155.7 million, including flat growth from software (up 4% at constant currency) to $71.4 million, and 4% growth (9% at constant currency) from services to $84.3 million. That translated to GAAP net income of $4.9 million, or $0.10 per diluted share, up from $0.07 per share in the same year-ago period. On an adjusted basis, which adds perspective by excluding items like stock-based compensation, net income came in at $13.2 million, or $0.28 per share, down from non-GAAP net income of $0.34 per share in last year's fiscal Q3.

Analysts, on average, were anticipating lower adjusted net income of $0.20 per share on a 3.1% decline in revenue to $148.3 million. "Our sequential software revenue growth of 24% was the result of outstanding execution in the Americas and EMEA driven by strong enterprise transaction close rates," explained Commvault CEO N. Robert Hammer. "Our quarterly financial results validate the continued successful implementation of our transformation initiatives; our industry leading technology and services, particularly those that enable customer to manage the transition to the cloud; and our ability to take advantage of increased uncertainties in the competitive landscape."

Now what: CommVault didn't provide specific financial guidance for the coming quarter. But during the subsequent conference call, Hammer did suggest analysts' consensus estimates were "reasonable" in calling for fiscal fourth-quarter 2016 revenue to grow 3.7% year over year to $156.3 million and adjusted earnings of $0.27 per share. In addition, he insisted that, with key elements of the company's transformation now complete, CommVault is now in a position to focus on maximizing revenue and earnings growth in the coming fiscal year.

That's great news for investors as CommVault works to achieved sustained growth and profitability. In the end, if CommVault can maintain this momentum -- and with shares still down nearly 25% over the past year -- I suspect the stock should have little trouble climbing higher from here.

Steve Symington 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.