Verint sales rise, but miss expectations
The headquarters of Verint Systems Inc., South Service Road in Melville on Jan. 6, 2014. Credit: Steve Pfost
Shares of Verint Systems Inc., Long Island's largest software maker, slipped in after-hours trading Wednesday after the company released first-quarter financial results that fell short of the expectations of analysts.
Verint stock dropped 6 percent, to $62.40, after the company said its sales rose to $270.4 million during the three months that ended in April. That's up 5 percent from the same period one year ago -- but short of the $275 million revenue forecast by analysts.
Verint reported a $416,000 net loss for the quarter, or 1 cent per share, as the Melville company continues to absorb expenses from buying and integrating KANA Software Inc., a Sunnyvale, California, business that expands the data-analysis software that Verint sells to corporations.
Shares of Verint are up 14 percent since 2014 and up 30 percent from one year ago.
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