Why Shares of Varonis Systems Jumped Today

Shares of Varonis Systems (NASDAQ: VRNS) rose on Tuesday following a mixed second-quarter report from the data security and analytics company. While subscription revenue soared, overall revenue declined as Varonis transitions away from perpetual licenses. The stock was up about 4.8% at 11:40 a.m. EDT; it was up as much as 15.3% earlier in the day.

Varonis reported second-quarter revenue of $59.6 million, down 4.1% year over year and about $2.7 million below the average analyst estimate. Subscription revenue was $14.8 million, up from just $1.3 million in the prior-year period, while perpetual license revenue was $11.5 million, down from $32.3 million. Maintenance and services revenue rose 12.7% year over year to $32.3 million.

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