CommVault Systems Profit Down, Revenue Misses Street; Shares Plunge

(RTTNews) - CommVault Systems Inc. (CVLT) Friday said its profit for the fourth quarter dropped from a year ago, reflecting higher income tax expense and lower-than-expected revenues. Following the news, the data management software maker lost almost a third of its market value on the Nasdaq.

Oceanport, New Jersey-based CommVault's fourth-quarter profit dropped to $15.7 million or $0.32 per share from $17.0 million or $0.35 per share last year. On adjusted basis, earnings were $0.52 per share. On average, 19 analysts polled by Thomson-Reuters estimated earnings of $0.47 per share for the quarter. Analysts' estimates typically exclude one-time items.

CommVault, which makes data and information management software applications, said its revenues for the three-month period rose 13 percent to $156.8 million from $138.3 million a year earlier. However, Wall Street analysts, on a consensus, expected the company to report revenues of $160.16 million for the quarter.

Software revenue rose 10 percent, while services revenue jumped 18 percent year-over-year.

Income tax expense rose to $9.44 million from $5.18 million in the same period last year.

CVLT is currently trading at $48.66, down $19.92 or 29.05%, on a volume of 5.7 million shares, far above the three-month average volume of about 1 million.