BUZZ-Commvault Systems sinks to two-year low after revising recurring revenue guidance to low end of forecast

Reuters01-28
BUZZ-Commvault Systems sinks to two-year low after revising recurring revenue guidance to low end of forecast

** Shares of cybersecurity firm Commvault Systems CVLT.O fall 34.2% to $85, hitting a two-year low

** Co forecasts its full-year outlook for annualized recurring revenue $(ARR)$ to 18%, the lower end of its previous forecast of 18%-19% growth

** Also trims cash flow outlook to account for charges linked with restructuring

** However, Q3 results beat expectations, with CVLT raising the midpoint of its FY revenue view to $1.18 bln from $1.16 bln earlier

** Rival Rubrik's RBRK.N shares also fall, as investors reassess demand across the data-management and cyber-resilience software space

** CVLT shares down about 19% over the past year

(Reporting by Tharuniyaa Lakshmi in Bengaluru)

((tharuniyaa@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment