[This article was taken from NJTW News, an NJTechWeekly.com newsletter. Sign up for it here.]
With the economy being on the top of readers’ minds this summer, we provide some earnings news below on New Jersey-based public tech companies.
- Commvault, a Tinton-Falls software company, reported its fiscal 2023 first quarter financial results:
- first quarter software and product revenue up 13 percent year over year;
- total recurring revenue up 20 percent year over year, and
- annualized recurring revenue (ARR) up 12 percent year over year.
- Despite stronger-than-expected results, Commvault’s stock dropped immediately following the earnings release, according to SiliconAngle.com.
- Cognizant, a Teaneck-based professional services company with a heavy tech focus, reported the following second-quarter 2022 results:
- revenue of $4.9 billion, representing a 7 percent year-over-year growth,
- operating Margin of 15.5 percent, up 30 basis points year over year,
- over $1 billion deployed in share repurchases and dividends year-to-date,
- operating cash flow of $528 million and free cash flow of $485 million; and
- full-year 2022 revenue growth predicted to be 6.3 percent to 7.3 percent
- Cognizant’s stock slid “sharply after posting narrow-miss on second quarter’s revenue at lower bookings, and soft guidance for the current quarter,” according to Seeking Alpha.
Malbek Hires VP Of Finance
Malbek headquarters ribbon cutting earlier this year | Courtesy Malbek
- Princeton-based Malbek, known for its AI-based contract lifecycle management (CLM) platform, has a new VP of finance, Richard Colie.
- “We are forecasting to more than double our revenue and customer base this year,” said Hemanth Puttaswamy, cofounder and CEO of Malbek in a release.
- “Having Rich’s deep finance leadership experience with high-growth SaaS companies is a perfect fit for where we are as an organization and where we want to go,” he added.