Commvault Systems Stock Plunges After Q2 Miss

By Benzinga
Benzinga
Benzinga
October 27, 2021 Updated: October 27, 2021

Commvault Systems Inc. reported second-quarter FY22 revenue growth of 4 percent year-over-year to $177.8 million, missing the consensus of $184.8 million.

Annualized recurring shares closed lower by 19.36 percent at $61.04 on the last check Tuesday.

Software and products revenue rose 4 percent year-over-year to $75.3 million, driven by a 6 percent increase in revenue from portfolio deals. Larger deal revenue transactions rose 9 percent year-over-year.

Services revenue increased 4 percent year-over-year to $102.6 million.

Margins

The gross margin expanded 72 basis points to 85.1 percent. The non-GAAP EBIT margin expanded 50 bps to 17.4 percent.

The non-GAAP EPS of $0.48 missed the consensus of $0.57.

It generated $26.1 million in operating cash flow. The company held $295.8 million in cash and equivalents.

Price Action

CommVault shares closed lower by 19.36 percent  at $61.04 on the last check Tuesday.

By Anusuya Lahiri

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