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Why Verint Systems Stock Dropped Today

TheMotleyFool

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Why Verint Systems Stock Dropped Today: https://g.foolcdn.com/editorial/images/746890/red-decline-stocks-down-bear-1.jpg

Shares of Verint Systems (NASDAQ: VRNT) were down 18.2% as of 3 p.m. ET Thursday after the customer engagement solutions company announced disappointing fiscal second-quarter 2024 results (for the period ended July 31, 2023).

Verint's quarterly revenue declined 6% year over year to $210.2 million, translating to adjusted (non-GAAP) earnings of $0.48 per share. Analysts, on average, were looking for earnings of $0.57 per share on revenue of $225 million.

There was one bright spot in Verint's report; adjusted software-as-a-service (SaaS) revenue climbed 10% year over year to $113.7 million, while SaaS annual recurring revenue (ARR) grew 17% as the company continues to transition away from perpetual licenses.

Source Fool.com

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