Israeli business software company Nice Systems Ltd. (NASDAQ: Nice – good; level:Nice – good) reported strong results for the first quarter of 2023.
Revenue was $571.9 million, up 8% from $527.4 million in the first quarter of 2022. Net profit in the first quarter of 2023 was $76.9 million, up 33% from $57.9 million in the first quarter of 2022. 2022. Q1 2023 increased 32% to $1.15 compared to $0.87 in Q1 2022.
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Barak Elam, CEO of NICE, said, “We are pleased to start the year well as we exceeded the high end of our guidance range for both total revenue and earnings per share. The outperformance was again driven by great execution in the cloud where cloud revenue increased by 25% YoY.Our cloud growth continues to outpace the market, and that growth is not only unique in terms of its scale, but also in its consistency.We also delivered another stellar quarter in profitability, evidenced by continued strong growth in cloud gross margin, operating margin, and record First-quarter cash flow of $195 million.
He added, “The first quarter was marked by several seven-figure and eight-figure deals, demonstrating our superior win rate when it came to delivering our CXone cloud platform at scale and Enlighten AI CX solution. The leadership is attributed to the close alignment of our strategic priorities and sharp, focused execution On expanding cloud market share, supporting artificial intelligence opportunities, and our focus on profitable growth.”
NICE raised its non-GAAP full-year 2023 revenue guidance to a range of $2.350 billion to $2.370 billion, representing 8% growth at the halfway point compared to 2022. The company also increased its non-GAAP full-year 2023 diluted EPS forecast GAAP which is expected to be between $8.32 and $8.52 per share, 11% growth at the halfway point over 2022.
NICE Systems’ share price is currently down 3.81% on Wall Street at $184.50, giving a market value of $11.5 billion.
Published by Globes, Israel business news – en.globes.co.il – on May 11, 2023.
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