NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) reported strong results for the third quarter of 2019, with 27% more revenue from cloud computing. The company raised its profit per share guidance for 2019 as a whole.
NICE Systems recorded $387 million in revenue in the third quarter, 8% more than in the third quarter last year. This figure includes $152 million from cloud computing.
The company's gross profit ratio was 70.9%, compared with 71.0% in the corresponding quarter last year, while its GAAP operating profit rose from $47 million in the third quarter of 2018 to $56 million in the third quarter this year. Non-GAAP operating profit was up 9% to $106 million.
GAAP profit per share rose 11% to $0.69, while non-GAAP profit per share grew 8% to $130.10.
NICE Systems expects its non-GAAP revenue to be in the $1.563-1.583 billion range in 2019, compared with $1.453 billion in 2018.
NICE is raising its 2019 guidance for non-GAAP profit, fully diluted, to $5.15-5.35 per share, compared with $4.75 per share in 2018.
"We are pleased to report another quarter of strong results driven by further robust growth in the cloud," said NICE CEO Barak Eilam. "Our cloud revenue now represents nearly 40% of our total revenue, demonstrating the great success we are experiencing in our cloud business."
Eilam added, "Our growth is being fueled by strong demand for CXone. The number of quarterly deals continue to increase as we win in more market segments and geographies. At the same time, deal sizes are growing rapidly, demonstrating the fast adoption of CXone by very large enterprises, and the attachment rates of our seamlessly integrated workforce optimization and analytics are increasing significantly. CXone gives us front-runner status and a distinct competitive differentiation to capture the many opportunities provided by a market that is quickly transforming to the cloud."
Published by Globes, Israel business news - en.globes.co.il - on November 14, 2019
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