NICE Ltd (Nasdaq: NICE, TASE: NICE), an Israeli company that engages in the provision of enterprise software solutions and services, reported strong third-quarter financial results.
The company’s revenue grew by 12.3% to $554.7 million compared to $493.8 million in the corresponding period of the last year. Operating income increased by an impressive 33.6% to $90.3 million compared to $67.6 million for the third quarter of 2021, with the operating margin standing at 16.3% compared to 13.7% for the corresponding quarter of 2021. Its key cloud revenue increased by a staggering 27%.
Earnings per share for the quarter increased by 42.7% to $1.07 compared to $0.75 for the same period of the last year.
Barak Eilam, CEO of NICE Ltd said, “We continue to thrive and are pushing full steam ahead as evidenced by another quarter of solid results across the board. We reported double-digit growth in total revenue driven by another excellent quarter in cloud revenue, which grew 27% at constant currency. We delivered another quarter of strong profitability, and we expect to continue to deliver profitable growth with operating income and earnings per share growing at double-digits moving forward.”
“At NICE, we see great opportunities accentuated by the mission critical nature of our solutions used by thousands of customers, and by being the go-to market leader for AI driven automation solutions that are critical for enterprises to overcome shortages and costs of labour in the current environment. Moreover, we have, by far, the strongest financial profile in our space, including a substantial net cash position. Our long-standing investment in innovation, which continues to deliver the most complete and highly differentiated platforms in our industry, along with our seasoned and committed leadership team, empowers us to continue to outpace the market”, Mr. Barak concluded.
Despite current economic environment, the company raised its 2022 Non-GAAP full year total revenue by $15M and EPS guidance by $0.04.
Last but not least, the company announced a new share buyback program of $250 million, which is normally considered as a vote of confidence in the company’s performance by its management.