Verint shares jump 10% on higher earnings report
Verint Systems said it will spend almost $65 million to acquire Foresee. Credit: Steve Pfost
Verint Systems Inc., a Melville maker of software used by call centers and law enforcement agencies, said Wednesday that second quarter net income swung to a profit on higher revenue.
Verint shares jumped 10 percent after hours to $52. The stock was trading at $39.45 12 months ago.
For the quarter ended July 31, the company reported net income of $22 million, or 33 cents per diluted share, on revenue of $306.3 million.
That compares to a net loss of $6.4 million, or 10 cents per diluted share, on revenue of $274.8 million in the previous year's quarter.
"Our positive momentum continued as we delivered 11 percent year-over-year revenue growth in both of our business segments," Dan Bodner, Verint chief executive, said in a statement. "Our results were driven by our focus on actionable intelligence innovation --including analytics, AI [artificial intelligence] and automation technologies."
The company increased its revenue forecast for the fiscal year ending Jan. 31 to $1.24 billion.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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