- Cognyte Software press release ( NASDAQ: CGNT ): Q3 Non-GAAP EPS of -$0.25 misses by $0.05 .
- Revenue of $71.25M (-39.8% Y/Y) misses by $7.68M .
- For Q4 the company expects revenue of $65 to $74 million vs consensus of $84.31M (includes approximately $2 million of revenue from one month of Situational Intelligence solutions)
- “In the third quarter, we continued to win large orders and our backlog increased sequentially. At the same time, slow backlog conversion drove a sequential revenue decline. We expect to resume sequential revenue growth in the fourth quarter of fiscal year 2023, which we believe will be a turning point. For fiscal year 2024, we are targeting revenue to grow by approximately 5% compared to the current year,” said Elad Sharon, Cognyte’s chief executive officer.
- Shares +6.81% AH.
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Cognyte Software reports Q3 results, guides Q4 revenue outlook below consensus