Verint Systems adds 10% after earnings, upside credited to ‘rising adoption of AI and Bots’ By Investing.com

Verint Systems adds 10% after earnings, upside credited to ‘rising adoption of AI and Bots’ By Investing.com

© Shutterstock Verint Systems surges 10% on Q3 beat & robust steering

(Updated – December 7, 2023 6:40 AM EST)
Verint Systems (NASDAQ:) shares jumped greater than 10% pre-market after the corporate reported robust Q3 outcomes.
EPS of $0.65 got here in higher 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 elevated 11% year-over-year pushed by strong bookings and renewals.
“We are happy to have overachieved our income and non-GAAP diluted EPS expectations in Q3 and consider we’re on monitor to full the yr with robust 11% income development in This fall. Our 12 month SaaS pipeline on the finish of Q3 was up greater than 20% year-over-year and we’re happy with the rise in buyer AI adoption with the bulk of our Q3 new SaaS ACV bookings together with Verint AI-Powered Bots,” mentioned CEO Dan Bodner.
For fiscal 2024, the corporate expects EPS of $2.65, in contrast to the consensus estimate of $2.62, and income of $910M (+/- 2%), in contrast to the consensus estimate of $907.31M.
“VRNT posted consensus-beating outcomes, highlighted by 11% SaaS ARR development, reflecting strong bookings and renewals, and by a 20% improve in SaaS pipeline,” analysts at TD Cowen mentioned in a notice.
Analysts at Oppenheimer highlighted the robust demand for AI bots. Still, they need “extra confidence and tangible proof of a sturdy development inflection earlier than transferring to a extra constructive stance.”
Additional reporting by Senad Karaahmetovic

https://www.investing.com/news/stock-market-news/verint-systems-surges-10-on-q3-beat–strong-guidance-432SI-3251083

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