Nasdaq-listed cloud data management vendor Commvault has posted its fourth quarter in a row with double-digit sales growth.
For the second quarter ended 30 September, 2024, total revenues were $233.3m, up 16% year-over-year.
Total annualised recurring revenue (ARR) grew to $853m, up 20% year-over-year. Subscription revenue was $134m - up 37% annually - and subscription ARR grew to $687m, a 30% increase.
The firm’s net profit for the quarter rose from $13m to $15.6m annually.
“Keeping customers resilient and their businesses continuous has never been more critical than it is today,” said Sanjay Mirchandani, Commvault president and CEO. “Our strong execution and increasing demand for our innovative Commvault Cloud platform has not only resulted in our fourth consecutive quarter of double-digit revenue growth, but it has given us the confidence to once again raise our outlook for the full fiscal year.”
Total revenues for the full year are now expected to be between $952m and $957m.
According to analyst house Gartner, the enterprise backup and recovery software market grew 5.1% in 2023, worth nearly $10 billion in total revenue.
The analyst says the top five suppliers in terms of revenue in this market were: Veeam ($1.5 billion of revenue), Veritas ($1.49 billion), Dell ($1.27 billion), IBM ($1.04 billion), and Commvault ($753m).
With Veritas set to be merged with Cohesity, this expanded company may well take the top spot from Veeam in the near future. If Commvault’s year end sales projections prove correct, it should solidify its top five market position, and it might even get closer to IBM.
