Commvault Systems Shares Slide 30% Despite Higher Q3 Profit

(RTTNews) - Commvault Systems, Inc. (CVLT) shares fell 30.30 percent, or $39.20, to $90.16 on Tuesday after the company reported third-quarter results that showed higher profit and strong revenue growth compared with last year but still failed to reassure investors.

The data management software company posted net income of $17.78 million, or $0.40 per share, up from $11.02 million, or $0.24 per share, a year earlier.

The stock opened at $103.79 after closing at $129.36 in the prior session and traded between $84.44 and $106.44 during the day on the Nasdaq. Trading volume surged to about 4.04 million shares, well above the average volume of roughly 0.79 million.

The stock has traded within a 52-week range of $84.44 to $200.68.