NICE-Systems Ltd. (Nasdaq: NICE; TASE:NICE) ended the year with results that beat the analysts' expectations. The Israeli company, which provides customer relations and risk management systems, reported $1.93 billion revenue in 2021, up 16.2% from 2020, and revenue of $515 million in the fourth quarter, up 17.6% from the corresponding quarter of 2020 and above the analysts' consensus of $496 million.
GAAP net profit in the fourth quarter of 2021 was $51.2 million, down from $55 million in the corresponding quarter of 2020. GAAP net profit in 2021 was $196 million, down from $199 million in 2020. Non-GAAP net profit in the fourth quarter was $117 million ($1.73 per share), $0.02 higher than the analysts' estimates. Non-GAAP net profit in 2021 was $463 million $6.52), up 15.4% from 2020.
In the first quarter of 2022, NICE Systems sees revenue of $505-515 million and non-GAAP earnings per share of $1.65-1.75. The company sees 2022 revenue of $2.14-2.16 billion, up 12% from 2021 and non-GAAP earnings per share of $7.07-7.27.
NICE CEO Barak Eilam said, We ended 2021 on a high note and with great momentum. NICE is a fast growing, agile market leader at scale combined with blue-chip profitability. Fourth quarter financial results reflected outstanding execution across the board that led to 19% growth in total revenue, double-digit growth in every region and continued strength in profitability. Fueling this growth is our continued excellent performance in the cloud. Cloud revenue increased 30% in the quarter, which propelled our annual cloud revenue over the $1 billion mark, further establishing NICE as the clear cloud leader in our industry."
He added, "The strong fourth quarter results echo our success throughout 2021 as we reported double-digit total revenue growth in every quarter, further drove our international expansion, gained massive scale in digital and transformed NICE from an analytics leader to an AI powerhouse with a fivefold increase in AI bookings. As we head into 2022 and beyond, we believe we are in the best competitive position in our history with the strategic assets firmly in place to achieve further success."
NICE Systems share price closed 0.90% down yesterday on Wall Street at $261.62, giving a market cap of $16.541 billion. In premarket trading today, the share price is down 3.55%.
Published by Globes, Israel business news - en.globes.co.il - on February 17, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.