Nice's stock surges after profit rises above expectations, as cloud strength leads to record revenue
Shares of Nice Ltd. (NICE) rallied 5.9% toward a two-month high in premarket trading Thursday, after the Israel-based business software company reported third-quarter earnings that beat expectations and raised the full-year outlook amid strong cloud revenue growth. Net income rose to $92.4 million, or $1.39 a share, from $71.2 million, or $1.07 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.27 beat the FactSet consensus of $2.15. Revenue grew 8.4% to to a record $601.3 million, above the FactSet consensus of $595.0 million, as cloud revenue jumped 22% to $403.3 million and services revenue fell 3.0% to $160.2 million. For 2023, the company raised its guidance range for adjusted EPS to $8.58 to $8.78 from $8.40 to $8.60. Separately, the company set a new $300 million share repurchase program, which represents 2.6% of Nice's market capitalization of $11.34 billion at Wednesday's close. The stock has tumbled 15.3% over the past three months through Wednesday, while the S&P 500 has gained 2.2%.
-Tomi Kilgore
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
11-16-23 0623ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Markets Brief: Is It Really a Surprising Quarter for Earnings?
-
After Earnings, Is Berkshire Hathaway Stock a Buy, a Sell, or Fairly Valued?
-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
What I Hope My 14-Year-Old Learned at Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Amazon Stock a Buy, a Sell, or Fairly Valued?
-
The 10 Best Dividend Stocks
-
3 Stocks With High Dividend Yields That Warren Buffett Likes
-
How to Invest Like Warren Buffett
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?