Why Cognyte Software Blasted Almost 8% Higher Today
We're not currently in the thick of earnings season, yet sharp-eyed investors are always on the lookout for company results hitting the headlines. One that published its latest quarterly figures on Wednesday was investigative analytics software specialist Cognyte Software (NASDAQ: CGNT). The company beat convincingly on the bottom line, and investors rewarded it handsomely for the win, sending its stock 7.5% higher on the day.
For the second quarter of its fiscal 2023, Cognyte earned non-GAAP (adjusted) revenue of $81.3 million. That was well down from the nearly $116 million it posted in the same period of fiscal 2022 and also missed the average analyst estimate of $92.5 million by quite some distance.
The story was quite different on the bottom line, however. Even though Cognyte flipped to an adjusted loss of nearly $2.9 million ($0.04 per share) from the year-ago profit of $11.1 million, this was far better than the collective prognosticator estimated shortfall of $0.17.
Source Fool.com
