top partner

for CFD

What happened

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.

So what

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.

Now what

To be sure, Cognyte followed by increasing its full-year outlook to call for revenue of $307 million, plus or minus 2%, the midpoint of which should result in an adjusted net loss of $0.33 per share. By contrast, the midpoint of Cognyte’s previous guidance called for an adjusted net loss of $0.53 per share on revenue of $303 million.

Cognyte also continues to target generating positive cash flow from operations for the full year.

In the end, Cognyte still has work to do in order to return to sustained, profitable growth. But this quarter was certainly a step in the right direction, and shares are responding in kind.

10 stocks we like better than Cognyte Software
When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

They just revealed what they believe are the ten best stocks for investors to buy right now… and Cognyte Software wasn’t one of them! That’s right — they think these 10 stocks are even better buys.

See the 10 stocks

*Stock Advisor returns as of September 11, 2023

Steve Symington has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Read the full story: Read More“>

Blog powered by G6

Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.

For any inquiries, please contact [email protected]