Why Shares of Varonis Systems Are Surging Today
Shares of Varonis Systems (NASDAQ: VRNS) jumped on Tuesday after the data analytics company reported its third-quarter results. Varonis beat analyst estimates across the board, despite a revenue decline driven by a shift to subscriptions. The stock was up 12% at 11:15 a.m. EDT today.
Third-quarter revenue was $65.6 million, down 2.2% year over year but about $4 million higher than the average analyst estimate. Varonis is moving to a subscription-based model, which is putting near-term pressure on the top line as revenue from subscriptions is recognized over time.
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Source Fool.com
