Verint Systems Posts Upbeat Q1 Earnings, But Revenue Misses Views

Verint Systems Inc. VRNT reported better-than-expected earnings for the first quarter, but the company's sales missed analysts' expectations. The Melville, New York-based company reported a quarterly loss of $416,000, or $0.01 per share, versus a year-ago profit of $28 million, or $0.51 per share. Excluding items, the company earned $0.66 per share. Its revenue climbed to $269.5 million from $257.4 million. However, analysts were expecting earnings of $0.54 per share on revenue of $274.39 million. The average estimate among 8 Estimize users was for earnings of $0.57 per share and revenue of $276.98 million. Its operating income jumped to $9.6 million in the latest quarter, versus $996,000 in the year-ago quarter. "Following typical Q1 seasonality, we expect strong sequential revenue growth in Q2 and are targeting double digit revenue growth for the year on a constant currency basis. We are excited about our strong innovation in Customer Engagement Optimization and Security Intelligence during Q1 which supports our long-term growth and market leadership," said Dan Bodner, CEO and President. The company maintained its guidance for the full year. The company expects FY earnings of $3.55 to $3.75 per share, on revenue of $1.2 billion to $1.25 billion. Verint Systems shares slipped 7.29 percent to $61.51 in the after-hours trading session.