Isranomics

Nice shows double-digit growth in revenues and profits

by | Aug 18, 2022 | Company Reporting | 0 comments

Even throughout the stormy times on Wall Street, the software company Nice, which has been led for the past eight years by Barak Elam, has seen business stability. One of the oldest Israeli high-tech giants, Nice specialises in the creation and marketing of systems that manage financial fraud prevention, data security, surveillance, and robotic process automation.

The severe declines in the IT sector this year were felt by Nice. The stock has dropped 21% since January and currently the company ranks as the second largest on the Tel Aviv Stock Exchange. 

As a result of the falls in the world stock markets earlier this year,  investors lost faith in the valuation of many technological companies. This led Nasdaq index loosing over 30% by June. However, there were positive changes since than as key technology index has recovered some territory and currently stand at minus 17% since the year’s beginning.

Nice has a track record of being a well run company in what could be characterized as a volatile sector. 

And Nice’s financial statistics for the second quarter once again prove just that. Revenues increased by 16% to $531 million, and net profit (GAAP) increased by 45% to $65.6 million.

The revenues since January grew at a similar rate to $1.06 billion in the first half of 2022, while the net profit rose by 27% to $123 million. In addition, inspite of the current economic environment, the company increased its projections for the upcoming year and now anticipates sales in the region of $2.17 and $2.19 billion.

Barak Eilam, company’s CEO said: “Our rock solid balance sheet with a sizable cash position ($1.4B), which is a capital strength that is unequaled in our industry, gives us the fuel to seize additional growth opportunities that will further extend our leadership.”

The continual growth in our reported results reflect the strength of our business and the fact that we are winning the market, and we expect to continue to win as the tide has turned in our industry, creating a tailwind for Nice in the current environment.”

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