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Why Carbonite Stock Cratered Today

TheMotleyFool

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Why Carbonite Stock Cratered TodayPhoto, wide shot, wide-angle lens, Software company, sunset photo at golden hour, photo by Marc Adamus: https://img.theapi.app/temp/9d624ad0-0157-4808-b12c-caf136345180.png

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%.

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