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Verint sales rise, but miss expectations

The headquarters of Verint Systems Inc., South Service

The headquarters of Verint Systems Inc., South Service Road in Melville on Jan. 6, 2014. Photo Credit: Steve Pfost

Shares of Verint Systems Inc., Long Island's largest software maker, slipped in after-hours trading Wednesday after the company released first-quarter financial results that fell short of the expectations of analysts.

Verint stock dropped 6 percent, to $62.40, after the company said its sales rose to $270.4 million during the three months that ended in April. That's up 5 percent from the same period one year ago -- but short of the $275 million revenue forecast by analysts.

Verint reported a $416,000 net loss for the quarter, or 1 cent per share, as the Melville company continues to absorb expenses from buying and integrating KANA Software Inc., a Sunnyvale, California, business that expands the data-analysis software that Verint sells to corporations.

Shares of Verint are up 14 percent since 2014 and up 30 percent from one year ago.

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