Cybersecurity firm Commvault falls after reporting slower revenue growth

Shares of cybersecurity firm Commvault Systems CVLT.O fell about 16% to $125 in early trading after the company reported slower revenue growth.

The company posted first-quarter total revenue growth of 11%, after rising 26% a year ago. CVLT's quarterly subscription revenue rose 15% on a constant currency basis, after recording 44% growth a year earlier.

Commvault continued to expect full-year subscription ARR, or the annualized value of all active contracts, in the range of $1,200 million to $1,210 million. However, it expects full-year subscription revenue between $1,119 million and $1,129 million, versus its prior range of $1,115 million to $1,125 million.

For the second quarter, the company sees subscription revenue in the range of $264 million to $268 million, compared with analysts' estimates of $253 million, according to LSEG.

Commvault reported first-quarter adjusted EPS of $1.42, topping estimates of $1.16. As of the last close, the stock was up about 19% year to date.