Mitek Systems' (MITK) Q2 Earnings Decline, Revenues Rise Y/Y

Zacks05-15

Mitek Systems MITK reported second-quarter fiscal 2024 earnings of 24 cents per share compared with 30 cents a year ago. The bottom line fell short of the Zacks Consensus Estimate of 27 cents per ...

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The bottom line fell short of the Zacks Consensus Estimate of 27 cents per ...</p>\n\n<a href=\"https://finance.yahoo.com/news/mitek-systems-mitk-q2-earnings-134800056.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Mitek Systems' (MITK) Q2 Earnings Decline, Revenues Rise Y/Y</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMitek Systems' (MITK) Q2 Earnings Decline, Revenues Rise Y/Y\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-15 21:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/mitek-systems-mitk-q2-earnings-134800056.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Mitek Systems MITK reported second-quarter fiscal 2024 earnings of 24 cents per share compared with 30 cents a year ago. The bottom line fell short of the Zacks Consensus Estimate of 27 cents per ...</p>\n\n<a href=\"https://finance.yahoo.com/news/mitek-systems-mitk-q2-earnings-134800056.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BB","symbol_name":"黑莓","start_time":0,"source_url":"https://finance.yahoo.com/news/mitek-systems-mitk-q2-earnings-134800056.html","article_id":"2435887654","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/XvIRSQ5L_z3ea3ozZusXAw--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/22ec7092c130fbbbb009806c8cb76dab"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2435887654","pubTimestamp":1715780880,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Mitek Systems MITK reported second-quarter fiscal 2024 earnings of 24 cents per share compared with 30 cents a year ago. The bottom line fell short of the Zacks Consensus Estimate of 27 cents per share.Revenues increased 2% year over year to $47 million from $46.1 million a year ago. The top-line beat the consensus estimate by 1.03%.Innovative product mix strategies, along with healthy adoption of its fraud management solutions, are cushioning the top-line performance. Flagship products such as Check Fraud Defender, MiVIP, MiPass and ID R&D biometrics are gaining traction in the market, contributing to revenue growth.The company also declared a two-year share repurchase program of up to $50 million shares. Shares of the MITK have gained 46.3% in the past year at par with the industry’s rise of 46.3%.Mitek Systems, Inc. Price, Consensus and EPS Surprise. Mitek Systems, Inc. price-consensus-eps-surprise-chart | Mitek Systems, Inc. Quote","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"BB":"黑莓","MITK":"Mitek Systems"},"translate_title":"Mitek Systems（MITK）第二季度盈利下降，收入同比增长","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MITK":1,"BB":0.9},"content_text":"Mitek Systems MITK reported second-quarter fiscal 2024 earnings of 24 cents per share compared with 30 cents a year ago. The bottom line fell short of the Zacks Consensus Estimate of 27 cents per share.Revenues increased 2% year over year to $47 million from $46.1 million a year ago. The top-line beat the consensus estimate by 1.03%.Innovative product mix strategies, along with healthy adoption of its fraud management solutions, are cushioning the top-line performance. Flagship products such as Check Fraud Defender, MiVIP, MiPass and ID R&D biometrics are gaining traction in the market,  contributing to revenue growth.The company also declared a two-year share repurchase program of up to $50 million shares.  Shares of the MITK have gained 46.3% in the past year at par with the industry’s rise of 46.3%.\n\nMitek Systems, Inc. Price, Consensus and EPS Surprise  \nMitek Systems, Inc. price-consensus-eps-surprise-chart | Mitek Systems, Inc. Quote\n\nQuarterly Details\nSoftware & Hardware revenues (53% of total revenues) declined 1.5% year over year to $24.9 million. Despite solid momentum in new identity products (MiVIP, MiPass and ID R&D biometrics), softness in heritage identity products’ revenues which include Mobile Verify, led to the downfall in this particular segment.Services and other revenues (47%) climbed to $22 million from $20.9 million in the year-earlier quarter.Gross margin for the fiscal second quarter was 87%, almost on par with the prior-year quarter level. Solid software and hardware gross margins of 100% and a margin of 72% from services and other revenue were registered.\nOperating Details\nOperating expenses for the reported quarter were $46.3 million compared with $37.4 million a year ago. Non-GAAP operating expenses were $27.9 million compared with $22.7 million a year ago. The uptick was due to the imposition of fees on delayed filings.Non-GAAP operating income came in at $12.8 million compared with $17.6 million in the year-ago quarter. Non-GAAP operating margin was 27%, down from 38%.\nBalance Sheet and Cash Flow\nAs of Mar 31, 2024, MITK had cash and cash equivalents and investments of $130.3 million compared with $123.9 million as of Dec 31, 2023.During the quarter, cash flow from operations was $7.1 million compared with $6.3 million in the prior-year quarter.\nOutlook\nFor fiscal 2024, the company projects revenues in the range of $180-$185 million.Full-year fiscal 2024 non-GAAP operating margin is expected in the range of 30% to 31%.\nZacks Rank\nMITK carries a Zacks Rank #5 (Strong Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nPerformance of Other Companies\nBlackBerry’s BB fourth-quarter fiscal 2024 adjusted earnings of 3 cents per share beat the Zacks Consensus Estimate by 200%. The bottom line improved from the prior-year quarter’s non-GAAP loss of 2 cents per share.BB has lost 37.7% in the past year against the sub-industry’s growth of 31.6%. In the last quarter, it delivered an earnings surprise of 200%.Blackbaud BLKB reported first-quarter 2024 non-GAAP earnings per share of 93 cents, which surpassed the Zacks Consensus Estimate by 9.4%. The bottom line increased 29.2% year over year.Shares of BLKB have gained 9.2% compared with the sub-industry’s growth of 31.6% in the past year. In the last quarter, it delivered an earnings surprise of 9.4%.Cadence Design Systems CDNS reported first-quarter 2024 non-GAAP earnings per share of $1.17, which beat the Zacks Consensus Estimate by 3.5%. However, it decreased 9.3% year over year.In the past year, CDNS has gained 39.9% compared with the Zacks sub-industry’s growth of 31.6%. It currently has a long-term growth expectation of 17.8%.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nBlackbaud, Inc. (BLKB) : Free Stock Analysis Report\nCadence Design Systems, Inc. (CDNS) : Free Stock Analysis Report\nMitek Systems, Inc. (MITK) : Free Stock Analysis Report\nBlackBerry Limited (BB) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.3","shortVersion":"4.28.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2435887654"}