Why Cognyte Software Stock Soared Today
Shares of Cognyte Software (NASDAQ: CGNT) were up 25% as of 2 p.m. EDT Tuesday after the investigative analytics software company announced better-than-expected quarterly results and raised its outlook.
For Cogynte's fiscal second quarter ended July 31, 2023, revenue declined 5% year over year to $77.1 million, translating to an adjusted (non-GAAP) net loss of $6.4 million, or $0.09 per share. Analysts, on average, were expecting an even wider loss of $0.21 per share on a more severe decline in revenue to $73.9 million.
Cognyte CEO Elad Sharon credited deals with both existing and new strategic clients "who recognize the strength of our innovative technology and the value it delivers." Sharon added that recent AI developments coupled with Cognyte's large customer base should leave the company well positioned for future growth.
Source Fool.com
