Why Carbonite Stock Cratered Today
Shares of Carbonite (NASDAQ: CARB) have cratered today, down by 24% as of 11:50 a.m. EDT, after the cloud data backup provider reported second-quarter earnings results. The company also announced a CEO transition.
Revenue in the second quarter jumped 56% to $121.5 million as reported under generally accepted accounting principles (GAAP), with non-GAAP revenue of $135 million. That all translated into non-GAAP net income of $0.56 per share. Analysts had been modeling for revenue of $138.1 million and $0.47 per share in adjusted profits. Adjusted gross margin expanded from 77.1% a year ago to 82.3%.
Image source: Getty Images.
Quelle Fool.com
