Cognyte Software Revenue Rises; Raises Outlook; Stock Up In Pre-market

(RTTNews) - Cognyte Software Ltd. (CGNT), a provider of investigative analytics software, Wednesday reported adjusted profit for the third quarter compared with loss a year ago, helped by growth in revenue. The company also raised its full-year outlook. Cognyte shares were up more than 9 percent in pre-market.

The company posted adjusted profit of $1.29 million or $0.02 per share for the quarter, compared with loss of $375 million or $0.01 per share in the same quarter a year ago.

Cognyte recorded net loss of $2.56 million or $0.05 per share compared with net profit of $6.17 million or $0.07 per share last year. The company had one-time income of $5.78 million, as well as tax benefit of $2.61 million in the prior-year quarter.

Operating loss narrowed to $2.15 million from $2.78 million last year.

Revenue for the quarter increased to $89 million form $79.39 million in the previous year.

For the full year, the company now expects revenue to be $349 million plus or minus 1 percent. Previously, it was expecting $347 million plus or minus 2 percent. Adjusted EPS outlook has been raised to about $0.05 from nearly $0.03.

Cognyte stock had closed at $8.62, down 1.71 percent on Tuesday. It has traded in the range of $5.12 - $9.12 in the last 1 year.