(RTTNews) – Cognyte Software Ltd. (CGNT) said its second quarter results were above expectations. Looking ahead, the company has increased its annual profitability outlook.
Second quarter non-GAAP earnings per share fell to $ 0.17 from $ 0.29 last year. On average, six analysts polled by Thomson Reuters expected the company to report earnings per share of $ 0.15 for the quarter. Analysts’ estimates generally exclude special items. The company’s non-GAAP net income declined to $ 11.2 million from $ 19.0 million.
On a GAAP basis, gross margin was $ 83.9 million, up 14.3% from a year ago. The company declared a breakeven per share relative to profit of $ 0.07.
Non-GAAP revenue was $ 116.38 million, up 9.5% from a year ago. Analysts expected revenue of $ 115.57 million for the quarter. GAAP revenue was $ 116.0 million, up 10.4%. For the fiscal year ending Jan. 31, 2022, on a non-GAAP basis, the company expects: earnings per share of $ 0.82 and revenue of $ 490 million (with a range of plus / minus 2%). Analysts expect the company to post earnings per share of $ 0.80 on revenue of $ 489.98 million.
For the third quarter, on a non-GAAP basis, the company expects earnings per share of $ 0.10 and revenues of between $ 112 million and $ 117 million. Analysts expect the company to report earnings per share of $ 0.19 on revenue of $ 123.93 million.
Cognyte Software shares were down 7% in pre-market trading on Monday.
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