Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Verint Systems adds 10% after earnings, upside credited to 'rising adoption of AI and Bots'

Published 12/06/2023, 05:48 PM
Updated 12/07/2023, 06:42 AM
© Shutterstock Verint Systems surges 10% on Q3 beat & strong guidance
(Updated - December 7, 2023 6:40 AM EST)

Verint Systems (NASDAQ:VRNT) shares jumped more than 10% pre-market after the company reported strong Q3 results.

EPS of $0.65 came in better than the consensus estimate of $0.59. Revenue fell 3% year-over-year to $219 million, beating the consensus estimate of $215.9M. SaaS ARR increased 11% year-over-year driven by solid bookings and renewals.

“We are pleased to have overachieved our revenue and non-GAAP diluted EPS expectations in Q3 and believe we are on track to complete the year with strong 11% revenue growth in Q4. Our 12 month SaaS pipeline at the end of Q3 was up more than 20% year-over-year and we are pleased with the increase in customer AI adoption with the majority of our Q3 new SaaS ACV bookings including Verint AI-Powered Bots,” said CEO Dan Bodner.

For fiscal 2024, the company expects EPS of $2.65, compared to the consensus estimate of $2.62, and revenue of $910M (+/- 2%), compared to the consensus estimate of $907.31M.

"VRNT posted consensus-beating results, highlighted by 11% SaaS ARR growth, reflecting solid bookings and renewals, and by a 20% increase in SaaS pipeline," analysts at TD Cowen said in a note.

Analysts at Oppenheimer highlighted the strong demand for AI bots. Still, they want "more confidence and tangible evidence of a durable growth inflection before moving to a more constructive stance."

Additional reporting by Senad Karaahmetovic

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.