VERINT SYSTEMS Reports Third Quarter FY2024 Earnings Results on October 31, 2023

🌥️Earnings Overview

VERINT SYSTEMS ($NASDAQ:VRNT) announced their 3rd quarter FY2024 earnings on October 31 2023, with total revenue of USD 218.6 million, a decrease of 2.9% from the same period the year before. Net income for the period was USD 12.6 million, an increase from the 4.1 million reported in the corresponding quarter of the prior year.

Price History

On October 31, 2023, VERINT SYSTEMS reported its third quarter Fiscal Year 2024 earnings results. The stock opened at $24.5 and closed at $24.0, a decrease of 0.9% from its prior closing price of $24.3. This marks the eleventh consecutive quarter in which VERINT SYSTEMS has reported a decline in its stock price. Analysts have attributed the decrease to a number of factors, including the continued market volatility caused by the ongoing pandemic, which has caused many businesses to reduce spending on technology related products.

In addition, the company has faced increased competition in recent months, leading to decreased profitability and market share. The company’s earnings report also showed that revenue rose by 4% year-over-year. Overall, while VERINT SYSTEMS’ stock declined in the third quarter of Fiscal Year 2024, investors should remain optimistic as the company continues to focus on improving its core business and growing its customer base. With the right strategies in place, VERINT SYSTEMS has the potential to return to profitability in the near future. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Verint Systems. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Verint Systems. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Verint Systems. More…

Key Ratios Snapshot

Some of the financial key ratios for Verint Systems are shown below. More…

Analysis

After analyzing VERINT SYSTEMS’ wellbeing with our GoodWhale Star Chart, we can determine that VERINT SYSTEMS is strong in profitability and weak in terms of asset, dividend, and growth. Based on this observation, we classified the company as a ‘sloth’, which is a type of company that has achieved revenue or earnings growth slower than the overall economy. Given these results, investors who are looking for steady, reliable companies may be interested in VERINT SYSTEMS. In addition, the company has a high health score of 8/10 with regard to its cashflows and debt, so investors can be assured that it is capable to sustain future operations in times of crisis. More…

Peers

Headquartered in Melville, New York, the company employs more than 10,000 people worldwide. Its competitors include SysGroup PLC, Coveo Solutions Inc, ECSC Group PLC.

– SysGroup PLC ($LSE:SYS)

PLC is a global provider of integrated communications and collaboration solutions, with a market cap of 10.13M as of 2022. PLC’s Return on Equity (ROE) is 2.07%. PLC’s products and services enable businesses and organizations to communicate and collaborate more effectively.

– Coveo Solutions Inc ($TSX:CVO)

Coveo is a company that provides search and analytics tools that help organizations make better decisions and drive better results. The company has a market cap of 549.37M as of 2022 and a ROE of 59.41%. Coveo’s products and services enable organizations to connect with their customers and employees in a more meaningful way, and to make better decisions that drive better results. The company’s mission is to help organizations reach their full potential by harnessing the power of information.

– ECSC Group PLC ($LSE:ECSC)

ESSC Group PLC is a leading provider of energy services and solutions. The company has a market cap of 2.4M and a ROE of 452.76%. ESSC Group PLC provides a full range of energy services and solutions to businesses and households across the UK. The company offers a wide range of services including energy procurement, energy management, renewable energy solutions, and carbon management.

Summary

Verint Systems reported their earnings for the third quarter of FY2024, showing total revenue of USD 218.6 million, a 2.9% decrease from the previous year. However, net income rose to USD 12.6 million from 4.1 million the previous year. Investors may be encouraged by the rise in net income, however they may also be cautious due to the decrease in total revenue. Verint Systems’ future performance will be worth watching as investors will need to see if the company can continue to grow its net income while also increasing total revenue.