Commvault Shares Drop 15% Despite Higher Revenue In Q2

(RTTNews) - Commvault Systems, Inc. (CVLT) fell 14.72 percent to $148.51, down $25.64 during Tuesday trading, after reporting mixed second quarter results. The data protection and cloud backup company posted net income of $14.7 million, or $0.33 per share, compared with $15.6 million, or $0.35 per share, a year earlier.

Commvault traded between $140.28 and $167.43 after opening at $160.59, compared with a previous close of $174.15 on the Nasdaq. Volume spiked to 1.79 million shares, nearly triple its average of 0.65 million. The stock's 52-week range is $128.07 to $200.68.

Revenue rose 18 percent to $276.2 million from $233.3 million, driven by growth in subscription and software-as-a-service sales, which climbed to $172.7 million from $134.0 million last year.