Israeli enterprise software solutions company NICE Systems Ltd. (Nasdaq: NICE; TASE:NICE) had a strong third quarter boosted by continued growth in cloud activities. The financial results published today showed that the company beat the analysts' expectations, while NICE raised its guidance for 2021.
Revenue was $494.4 million in the third quarter up 20% from the corresponding quarter, with cloud revenue up 29% to $262 million. GAAP net profit for the third quarter was $47 million compared with $50.8 million in the preceding quarter. Non-GAAP net profit was $113 million, up 20.3% from the corresponding quarter. Earnings per share was $1.68, $0.10 above the analysts' expectations.
NICE raised its guidance and now sees 2021 annual revenue of $1.899-1.909 billion, up from $1.83-1.85 billion, with non-GAAP earnings per share of $6.43-6.53 per share, up from $6.26-6.46 per share.
NICE CEO Barak Eilam said, "We are pleased to report another quarter of accelerated top line growth as total revenue increased 20% in the third quarter compared to the same period last year. The excellent results across the board in Q3 reflect our leadership and the strategic, central role we play amid four key dynamics that are taking place in our industry - cloud, digital, AI and the shift to platforms."
NICE Systems share price is up 8.94% in premarket trading at $314.99, giving a market cap of $19.99 billion, enabling NICE to reclaim the title of Israel's most valuable company.
Published by Globes, Israel business news - en.globes.co.il - on November 11, 2021.
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