Verint Systems in Melville reports lower revenue, wider net loss
Verint Systems on Wednesday posted lower revenue and a wider net loss for the quarter ended July 31 compared to the same quarter a year ago, amid a downturn in sales of its cybersecurity products. Credit: Ana Maria Rico
Verint Systems Inc. Wednesday posted lower revenue and a wider net loss for the quarter ended July 31 amid a downturn in sales of its cybersecurity products.
The Melville provider of hardware and analytics software used in security, video surveillance and business intelligence posted sales of $261.9 million versus $295.9 million in the 2015 quarter. The net loss was $11.1 million, or 19 cents per diluted share, compared to a net loss of $7.1 million, or 11 cents per share, in the year-earlier period.
The loss in cybersecurity was partly offset by a gain in enterprise products used in call centers.
The company forecast revenue for the year ending Jan. 31, 2017, to be $1.11 billion, plus or minus 2 percent.
Chief executive Dan Bodner said in a statement that Verint had received a government contract valued at more than $200 million, the largest such project in the company’s history.
Shares of Verint rose 35 cents to $35.51 in after-hours trading on the Nasdaq Stock Market. They are down about 26 percent in the past 12 months.
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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