© Shutterstock Verint Systems up 10% on third-quarter pace and strong guidance
(Updated: December 7, 2023 at 6:40 am EST)
Verint Systems (NASDAQ:) shares rose more than 10% premarket after the company reported strong third-quarter results.
EPS of $0.65 was better than the consensus estimate of $0.59. Revenue fell 3% year over year to $219 million, beating the consensus estimate of $215.9 million. SaaS ARR increased 11% year over year driven by strong bookings and renewals.
“We are pleased to have exceeded our non-GAAP diluted EPS and revenue expectations in the third quarter and believe we are on track to complete the year with strong revenue growth of 11% in the fourth quarter. Our 12-month SaaS backlog at the end of Q3 was up more than 20% year over year and we are pleased with the increase in customer adoption of ai with the majority of our new Q3 SaaS ACV bookings, including Verint ai-Powered Bots.” said CEO Dan Bodner.
For fiscal 2024, the company expects earnings per share of $2.65, compared to the consensus estimate of $2.62, and revenue of $910 million (+/- 2%), compared with the consensus estimate of $907.31 million.
“VRNT delivered consensus-beating results, highlighted by 11% growth in SaaS ARR, reflecting strong bookings and renewals, and a 20% increase in SaaS pipeline,” TD Cowen analysts said in a note.
Oppenheimer analysts highlighted the strong demand for ai robots. Still, they want “more confidence and tangible evidence of a lasting inflection in growth before adopting a more constructive stance.”
Additional reporting by Senad Karaahmetovic
