As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q1. Today, we are looking at data storage stocks, starting with Commvault (NASDAQ: CVLT).
Data is the lifeblood of the internet and software in general, and the amount of data created is accelerating. As a result, the importance of storing the data in scalable and efficient formats continues to rise, especially as its diversity and associated use cases expand from analyzing simple, structured datasets to high-scale processing of unstructured data such as images, audio, and video.
The 4 data storage stocks we track reported a satisfactory Q1. As a group, revenues beat analysts’ consensus estimates by 3.4% while next quarter’s revenue guidance was 4.6% above.
Luckily, data storage stocks have performed well with share prices up 36.4% on average since the latest earnings results.
Commvault (NASDAQ: CVLT)
Born from the need to create ironclad protection in an increasingly dangerous digital world, Commvault (NASDAQ: CVLT) provides data protection and cyber resilience software that helps organizations secure, back up, and recover their data across on-premises, hybrid, and multi-cloud environments.
Commvault reported revenues of $311.7 million, up 13.3% year on year. This print exceeded analysts’ expectations by 1.6%. Despite the top-line beat, it was still a mixed quarter for the company with a solid beat of analysts’ billings estimates but full-year guidance of slowing revenue growth.
"Our results reinforce that we are delivering durable growth fueled through industry-leading innovation and our rapidly expanding SaaS business," said Sanjay Mirchandani, President and CEO, Commvault.
Commvault delivered the weakest performance against analyst estimates, slowest revenue growth, and weakest full-year guidance update of the whole group. Interestingly, the stock is up 70.3% since reporting and currently trades at $150.56.
Is now the time to buy Commvault? Access our full analysis of the earnings results here, it’s free.
Best Q1: DigitalOcean (NYSE: DOCN)
Built for simplicity in a world of complex cloud solutions, DigitalOcean (NYSE: DOCN) provides a simplified cloud computing platform that enables developers and small businesses to quickly deploy and scale applications.
DigitalOcean reported revenues of $257.9 million, up 22.4% year on year, outperforming analysts’ expectations by 3.3%. The business had a very strong quarter with an impressive beat of analysts’ EBITDA estimates and full-year EPS guidance exceeding analysts’ expectations.
DigitalOcean scored the highest guidance raise and highest full-year guidance raise among its peers. The market seems happy with the results as the stock is up 20.6% since reporting. It currently trades at $131.27.
Is now the time to buy DigitalOcean? Access our full analysis of the earnings results here, it’s free.
Snowflake (NYSE: SNOW)
Named after the unique architecture of its data warehouse which resembles a snowflake pattern, Snowflake (NYSE: SNOW) provides a cloud-based data platform that enables organizations to consolidate, analyze, and share data across multiple cloud providers.
Snowflake reported revenues of $1.39 billion, up 33.5% year on year, exceeding analysts’ expectations by 5%. Still, it was a slower quarter as it posted a significant miss of analysts’ billings estimates.
Interestingly, the stock is up 49.5% since the results and currently trades at $261.97.
Read our full analysis of Snowflake’s results here.
MongoDB (NASDAQ: MDB)
Named after "humongous database," reflecting its ability to handle massive data loads, MongoDB (NASDAQ: MDB) provides a flexible document-based database platform that helps developers build, deploy, and maintain modern applications more efficiently.
MongoDB reported revenues of $687.6 million, up 25.2% year on year. This print surpassed analysts’ expectations by 3.5%. Overall, it was a very strong quarter as it also put up a solid beat of analysts’ billings estimates and EPS guidance for next quarter exceeding analysts’ expectations.
MongoDB had the weakest guidance update among its peers. The company added 96 enterprise customers paying more than $100,000 annually to reach a total of 2,895. The stock is up 5.2% since reporting and currently trades at $342.52.
Read our full, actionable report on MongoDB here, it’s free.
