Varonis Systems shares plummet 31% as Q3 results, guidance disappoint By Investing.com

Varonis Systems' stock plummeted after missing revenue expectations and providing a gloomy outlook for the rest of the year. Despite a nine percent growth in revenue and a thriving SaaS sector, renewal rate slips in the federal sector and traditional on-premises business caused concern. The company is now focusing on cloud services, but the transition is proving challenging. Despite financial hurdles, Varonis generated more cash from operations and announced a share repurchase plan to bolster investor confidence. The next few quarters will be crucial as the company adapts to this significant shift.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.