- Cognyte Software Ltd (NASDAQ:CGNT) reported a second-quarter FY23 non-GAAP revenue decline of 30.1% year-on-year to $81.3 million, missing the consensus of $92.5 million.
- Segments: Software revenue declined by 43.7% Y/Y to $27.02 million.
- Software service revenue fell 15.7% Y/Y to $45.44 million.
- Professional service and other revenue decreased 38% Y/Y to $8.65 million.
- The non-GAAP gross margin contracted 840 bps to 65.1%.
- The company’s operating loss was $(26.4) million.
- Non-GAAP EPS loss of $(0.04) beat the consensus loss of $(0.17).
- Cognyte held $54.7 million in cash and equivalents.
- “Security threats are pervasive, and customers need innovative security solutions to address evolving threats. However, the global economic slowdown is affecting our near-term performance. In the second quarter, our revenue was disappointing, but we are encouraged with bookings coming in higher than revenue and contributing to a substantial increase in backlog,” CEO Elad Sharon said.
- Price Action: CGNT shares traded lower by 11.36% at $3.90 in the premarket session on the last check Wednesday.
Moody’s And Google Cloud Partner On Generative AI Applications Tailored For Financial Services Professionals
New tools will aim to streamline the ability of finance professionals to analyze lengthy financial reports and disclosures using Google Cloud's generative AI Moody's Corporation (NYSE:MCO) and Google Cloud today
