VRNT

Verint Systems Q2 Profit Misses View, To Buy Back Up To $200 Mln Of Shares; Stock Down

(RTTNews) - Verint Systems Inc. (VRNT) reported that its second quarter net income attributable to common shares was $1.45 million or $0.02 per share compared to a loss of $11.20 million or $0.17 per share in the prior year.

VRNT closed Wednesday's regular trading at $29.87 down $0.31 or 1.03%. In the after-hours trading, the stock further dropped $5.22 or 17.48%.

Non-GAAP earnings were $0.49 compared to $0.48 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share for the second quarter. Analysts' estimates typically exclude special items.

Revenue for the second quarter was $210 million, flat year-over-year on a reported basis and 3% growth year-over-year as adjusted for the divestiture of quality managed services business on January 31, 2024. Analysts expected revenue of $212.84 million for the quarter.

Looking ahead for the year ending January 31, 2025, the company expects non-GAAP earnings per share to be $2.90 at the midpoint of its revenue guidance, reflecting 6% year-over-year growth. It projects non-GAAP Revenue to be $933 million plus or minus 2%, reflecting 5% year-over-year growth. Wall Street currently is looking for the fiscal year earnings of $2.91 per share on annual revenues of $936.17 million.

The company said its board authorized a new stock repurchase program for the period from August 29, 2024 until August 29, 2026, whereby it may repurchase shares of common stock not to exceed, in the aggregate, $200.0 million during the repurchase period.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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