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Varonis Systems Q1 loss narrows YOY

Varonis Systems Inc. said its first-quarter normalized net income was a loss of 24 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 39 cents per share.

The per-share loss decreased 23.7% year over year from 32 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $6.3 million, compared with a loss of $7.9 million in the year-earlier period.

The normalized profit margin rose to negative 20.8% from negative 34.2% in the year-earlier period.

Total revenue rose 32.6% year over year to $30.5 million from $23.0 million, and total operating expenses grew 19.5% from the prior-year period to $41.3 million from $34.5 million.

Reported net income came to a loss of $10.3 million, or a loss of 40 cents per share, compared to a loss of $12.7 million, or a loss of 51 cents per share, in the year-earlier period.