Data protection and cloud backup technology company Commvault is showing signs of a business turnaround under CEO Sanjay Mirchandani.
The evidence: Commvault’s total revenue was $188 million in Q3 of fiscal 2021, up 7 percent from Q3 of fiscal 2020. Also, net income was $1.7 million — far better than a $650,000 loss in the corresponding quarter the previous year. The Q3 fiscal 2021 financial results, which Commvault disclosed this morning, generally beat Wall Street’s expectations.
In a prepared statement in today’s earnings release, CEO Sanjay Mirchandani said: “The strategic moves we made over the past two years are delivering results. We have simplified how we do business, dramatically improved our execution, and are innovating faster than ever.”
Commvault hired Mirchandani to succeed former CEO Bob Hammer in 2019. Mirchandani previously held senior leadership positions at Puppet, VMware, EMC and Microsoft.