Why Varonis Stock Jumped Today
Shares of Varonis (NASDAQ: VRNS) jumped as much as 11% today after the company reported fourth-quarter earnings. The results topped Wall Street's expectations and Varonis announced a 3-for-1 stock split. As of 3:08 p.m. EST, shares were up 10%.
Revenue in the fourth quarter was $95.2 million, ahead of the consensus estimate of $84.1 million. That resulted in adjusted net income of $12.3 million, or $0.34 per share. Analysts were looking for just $0.12 per share in adjusted profits. The cybersecurity technology company reported annual recurring revenue (ARR) of $287.3 million and recently closed its acquisition of Polyrize.
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Source Fool.com
