TECH - NICE Q1 Earnings Top Estimates Cloud Revenues Drive Top Line | Benzinga
Nice (NASDAQ: NICE) reported adjusted earnings of $2.58 per share in first-quarter 2024, beating the Zacks Consensus Estimate by 5.31% and increasing 27% year over year.
Non-GAAP revenues of $659 million trumped the consensus mark by 0.69% and rose 15% year over year. The uptick was primarily driven by the continued strength of its cloud business and the ongoing expansion of its customer base.
Revenues in Americas were $559 million, up 18% year over year. The same in EMEA was $67 million in the reported quarter, up 7% year over year. APAC revenues declined 2% year over year to $33 million.
Top-Line Details
Cloud revenues (71% of revenues) of $468.4 million missed the Zacks Consensus Estimate by 0.02% but rose 27% year over year.
The ongoing strength of NICE's organic cloud business, coupled with the acquisition of LiveVox, contributed to this year-over-year growth.
Product revenues (6.4% of revenues) of $42 million beat the consensus mark by 41.47% but declined 5.5% year over year.
Service revenues (22.6% of revenues) of $149 million missed the consensus mark by 4.93% and declined 6.8% year over year.
NICE's focus on its cloud offerings, particularly its CXone ...