Why Varonis Systems Stock Popped Today

Shares of Varonis Systems (NASDAQ: VRNS) have popped today, up by 11% as of 1 p.m. EDT, after the company reported first-quarter earnings. The data security and analytics specialist beat expectations for both the top and bottom lines.

Revenue in the first quarter declined to $54.2 million due to the COVID-19 pandemic, which was slightly ahead of the $54.04 million in sales that analysts were expecting. That translated into an adjusted net loss of $17.4 million, or $0.56 per share. Wall Street was modeling for $0.59 per share in adjusted losses. Annual recurring revenue (ARR) increased 59% to $220.5 million at the end of Q1. The tech company finished the quarter with $126.3 million in cash on the balance sheet.

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Source Fool.com