Verint shares retreat after disappointing earnings report
Shares of Verint Systems Inc. lost ground in after-hours trading Tuesday after the Melville company posted declines in first quarter revenue and net income.
Verint stock traded down 3.7 percent to $33.75 after the market close, following a 2.6 percent advance to $35.04 in the regular session.
The maker of software that sifts through data, audio and video streams to measure call center productivity and find security threats reported revenue of $245.4 million for the quarter ended April 30. That was a year-over-year decline of 8.9 percent compared to the $269.5 million posted in the 2015 period.
Net income swung from a gain of $731,000 in the year-ago quarter to a loss of $16.2 million in the most recent period.
The 22-year-old company forecast revenue for the current fiscal year to be roughly flat as a decline in security intelligence revenue from government clients offsets gains from call centers and other corporate uses.
CEO and president Dan Bodner said in a statement that growth in the corporate business will be robust, driven by software “on-premises, in the cloud and in hybrid deployment models.”
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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