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NICE Systems falls despite raising 2023 guidance

Barak Eilam Photo: CRC Media
Barak Eilam Photo: CRC Media
11 May, 2023 15:44
שלח תגובה במיילGlobes correspondent

Fully diluted earnings per share for the first quarter of 2023 increased 32% to $1.15 compared to $0.87 in the first quarter of 2022.

Israeli business software company NICE Systems Ltd. (Nasdaq: NICE; TASE:NICE) has announced strong results for the first quarter of 2023.

Revenue was $571.9 million, up 8% from $527.4 million in the first quarter of 2022. Net profit in the first quarter of 2023 was $76.9 million, up 33% from $57.9 million in the first quarter of 2022. Fully diluted earnings per share for the first quarter of 2023 increased 32% to $1.15 compared to $0.87 in the first quarter of 2022.

NICE CEO Barak Eilam said, "We are pleased to begin the year on a high note as we exceeded the high end of our guidance range on both total revenue and earnings per share. The outperformance was once again driven by great execution in the cloud as cloud revenue increased 25% year over year. Our cloud growth continues to outpace the market, and this growth is not only unique in its magnitude, but in its consistency as well. We also delivered another excellent quarter in profitability, evidenced by continued strong growth in the cloud gross margin, operating margin and record first quarter cash flow of $195 million."

He added, "The first quarter was characterized by many seven-digit and eight-digit deals, demonstrating our superior win rate when it comes to delivering our CXone cloud platform at scale and our Enlighten AI CX solution. Our continued strong performance and clear market leadership are attributed to the tight alignment between our strategic priorities and sharp execution centered on expanding cloud market share, championing the AI opportunity, and our emphasis on profitable growth."

NICE increased full-year 2023 non-GAAP revenue guidance to a range of $2.350 billion to $2.370 billion, representing 8% growth at the midpoint compared with 2022. The company also increased its full-year 2023 non-GAAP fully diluted earnings per share forecast which is expected to be in a range of $8.32 to $8.52 per share, 11% growth at the midpoint compared with 2022.

NICE Systems share price is currently down 3.81% on Wall Street at $184.50, giving a market cap of $11.5 billion.

Published by Globes, Israel business news - en.globes.co.il - on May 11, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

Barak Eilam Photo: CRC Media
Barak Eilam Photo: CRC Media
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