CommVault Systems Stock Plunges After Q2 Miss - CommVault Systems (NASDAQ:CVLT)

CommVault Systems Inc CVLT reported second-quarter FY22 revenue growth of 4% year-on-year to $177.8 million, missing the consensus of $184.8 million.
Annualized recurring revenue (ARR) rose 12% Y/Y to $542.6 million as of September 30, 2021.
Software and products revenue rose 4% Y/Y to $75.3 million, driven by a 6% increase in revenue from portfolio deals. Larger deal revenue transactions rose 9% Y/Y.
Services revenue increased 4% Y/Y to $102.6 million.
Margins: The gross margin expanded 72 basis points to 85.1%. The non-GAAP EBIT margin expanded 50 bps to 17.4%.
The non-GAAP EPS of $0.48 missed the consensus of $0.57.
It generated $26.1 million in operating cash flow. The company held $295.8 million in cash and equivalents.
Price action: CVLT shares closed lower by 19.36% at $61.04 on the last check Tuesday.