Verint Systems Shares Surge as AI Powers Revenue Higher

Dow Jones12-06

By Dean Seal

Shares of Verint Systems climbed after the company logged higher-than-expected earnings and revenue in the third quarter, crediting AI-related business for the gains.

The stock was up 28% at $33.12 in early trading. Shares are now in positive territory year-to-date.

The analytics company posted a profit of $24.7 million, or 39 cents a share, for the quarter ended Oct. 31. That's up from $7.4 million, or 12 cents a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings were 54 cents a share. Analysts polled by FactSet had been expecting 43 cents a share.

Revenue rose 3% to $224.2 million, topping estimates for $210.1 million, according to FactSet.

Chief Executive Dan Bodner said demand for AI business outcomes was strong and bundled software-as-a-service revenue growth accelerated to 19%.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

December 05, 2024 11:16 ET (16:16 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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