Commault Systems, Inc. - $CVLT STOCK NEWS

Commvault, a leading provider of cyber resilience and data protection solutions, debuted at the RSA Conference 2024 with innovative cleanroom experiences for cyber recovery. Attendees can explore cutting-edge solutions at Booths #5778 and #4308, engaging in live demos, augmented reality, gaming giveaways, and exclusive events. Commvault aims to educate CISOs and IT leaders on enhancing cyber resilience in today's digital landscape.

Commvault announced its fiscal 2024 fourth-quarter financial results, showcasing a 10% total revenue growth and 15% total ARR growth. The company's Commvault Cloud platform is gaining traction with customers amidst rising cyber threats. In the fourth quarter, total revenues reached $223.3 million, subscription revenue soared to $119.9 million, and income from operations hit $18.2 million. For the full fiscal year, total revenues amounted to $839.2 million, total ARR grew to $770 million, and subscription revenue surged to $429.2 million.

Commvault is revolutionizing cleanroom technology, introducing Commvault® Cloud Cleanroom™ Recovery. This groundbreaking offering democratizes cleanroom technology, allowing companies of all sizes to affordably recover data after a cyberattack, test recovery plans on-demand, and seamlessly recover to a cloud location. The solution simplifies recovery processes, enhances security, and offers intelligent features to orchestrate rapid recovery and automate threat scanning, making it a game-changer in the realm of cyber resilience.

Commvault acquires Appranix to enhance cyber resilience for enterprises globally by automating cloud application rebuilds after outages or cyberattacks, reducing downtime significantly.

Commvault appoints Ashley Baird as Vice President & Managing Director of Market Expansion to drive growth and cloud leadership. Baird brings 16 years of cloud expertise and will enhance Commvault's cyber resilience offerings.

Commvault (CVLT) to Discuss Q4 and FY 2024 Earnings Results on April 30, 2024

Commvault (CVLT) reported strong financial results for the fiscal third quarter, with double-digit revenue and ARR growth. The company also introduced the new Commvault Cloud platform to address the increasing cyber threats, positioning itself for accelerated growth in fiscal year 2025. Total revenues were $216.8 million, up 11% year over year, with subscription revenue at $114.2 million, up 31% year over year. The company also provided guidance for the fourth quarter and full year fiscal 2024, expecting total revenues to be between $826 million and $830 million, with a 15% year over year growth in total ARR and a 25% year over year growth in subscription ARR.

Commvault announces the formation of the Cyber Resilience Council, chaired by Melissa Hathaway, to advise and accelerate the development of advanced cyber resilience solutions. The council includes cybersecurity experts from various industries and aims to provide guidance on emerging security trends and cyber threats, as well as shaping product development and business strategies. The company also introduced Commvault Cloud, powered by Metallic AI, a cyber resilience platform for hybrid enterprises.

Commvault's new report highlights the increasing collaboration between ITOps and security teams to combat cyber attacks. The report shows that 99% of respondents indicated a growing connection between ITOps and security, with 64% stating shared security goals and 70% having joint processes in place. However, only 48% have established joint processes to mitigate or recover from an incident.