By Sabela Ojea
Verint Systems on Wednesday reported a narrower loss in the latest quarter, driven by lower costs.
The software company posted a net loss attributable to common shares for the fiscal first quarter ended April 30 of $1.91 million, or 3 cents a share, compared with a loss of $4.9 million, or 8 cents a share, for the year-earlier period.
Stripping out one-time items, the company’s earnings per share came in at 53 cents, beating analysts expectations of 47 cents, according to FactSet.
Revenue fell 0.6%, to $216.6 million. Analysts polled by FactSet had forecast revenue of $216.1 million.
“The planned completion of our software-as-a-service transition next year is expected to benefit our financial model including accelerated revenue growth, higher gross margins, and incremental cash generation,” Chief Executive Dan Bodner said.
Write to Sabela Ojea at sabela.ojea@wsj.com
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