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VRNT Nasdaq· Verint Systems, Inc
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VRNT Nasdaq· Verint Systems, Inc
Earnings report Q4 2023

Verint Systems Inc. Reports Decrease in Revenue for Latest Quarter

Segments of Revenue

Verint Systems Inc. reported a decrease in revenue for the latest quarter ended October 31, 2023. The company's total revenue for the quarter was $218.5 million, compared to $225.2 million in the same quarter of the previous year. This decrease in revenue was primarily driven by a $13.1 million decrease in recurring revenue, partially offset by a $6.4 million increase in nonrecurring revenue.

Strengths

Despite the decrease in revenue, Verint Systems Inc. demonstrated strength in managing its operating income. The company reported an operating income of $26.7 million for the latest quarter, compared to $21.7 million in the same quarter of the previous year. This represents a $5.0 million increase in operating income, which contributed to the overall financial performance of the company. Additionally, Verint Systems Inc. experienced a decrease in its provision for income taxes, resulting in a $4.4 million decrease, which positively impacted the net income.

Challenges

Verint Systems Inc. faced challenges in its revenue performance for the latest quarter. The company's total revenue decreased by approximately $6.7 million compared to the same quarter of the previous year. This decline was primarily driven by a decrease in recurring revenue, indicating potential challenges in maintaining consistent revenue streams. The decrease in recurring revenue amounted to $13.1 million, which offset the increase in nonrecurring revenue.

Noteworthy

It is worth noting that Verint Systems Inc. experienced a decrease in net income attributable to noncontrolling interests, amounting to a $0.1 million increase. This decrease in net income attributable to noncontrolling interests may have implications for the company's ownership structure and potential impact on future financial performance.

Summary

Verint Systems Inc. reported a decrease in revenue for the latest quarter, primarily driven by a decline in recurring revenue. However, the company demonstrated strength in managing its operating income, which increased by $5.0 million. Verint Systems Inc. also experienced a decrease in its provision for income taxes, contributing to the overall financial performance. The challenges faced by the company include the decline in recurring revenue, indicating potential difficulties in maintaining consistent revenue streams. It is noteworthy that there was a decrease in net income attributable to noncontrolling interests. Overall, Verint Systems Inc. will need to address the challenges in its revenue performance to ensure sustained growth in the future.

Source documents

Form 10-Q  filed on Dec 06, 2023
70 pages scanned

Reference data

Company financials Q4 revenue 219M
Analyst estimates Q4 EPS beat by 8.08%
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