Nice Ltd (NASDAQ:NICE), a global leader in AI-powered customer experience software, stock fell 2.07% (As on November 15, 11:21:52 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 24. Cloud ARR exceeded $2 billion. Third quarter 2024 gross profit was $490.3 million compared to $434.4 million for the third quarter of 2023. Third quarter 2024 gross margin was 71.1% compared to 72.2% for the third quarter of 2023. Third quarter 2024 operating income increased 20% to $220.8 million compared to $183.9 million for the third quarter of 2023. Third quarter 2024 operating margin was 32.0% compared to 30.6% for the third quarter of 2023. Third quarter 2024 net income increased 24% to $186.9 million compared to $150.6 million for the third quarter of 2023. Third quarter 2024 net income margin was 27.1% compared to 25.0% for the third quarter of 2023. Third quarter 2024 operating cash flow was $159.0 million. In the third quarter 2024, $86.4 million was used for share repurchases. As of September 30, 2024, the total cash and cash equivalents, and short-term investments were $1,526.7 million. The debt was $458.4 million, resulting in net cash and investments of $1,068.3 million. The company has delivered an outstanding quarter and an acceleration in deal signings and bookings for the CXone AI offerings, including Copilot, Autopilot and Autosummary. The company’s strength in AI-powered automated customer service and the market leading CXone platform, are reshaping the industry landscape as the company continues to displace multiple on-premises and cloud customer service solution providers.
NICE in the third quarter of FY 24 has reported the adjusted earnings per share of $2.88, beating the analysts’ estimates for the adjusted earnings per share of $2.68, according to figures compiled by Thomson Reuters. The company had reported the adjusted revenue growth of 15 percent to $690 million in the third quarter of FY 24, beating the analysts’ estimates for revenue of $682.7 million.
The Company is reiterating its full-year 2024 non-GAAP total revenues to be in an expected range of $2,715 million to $2,735 million, representing 15% growth at the midpoint compared to full-year 2023. The Company increased full-year 2024 non-GAAP fully diluted earnings per share which are expected to be in a range of $10.95 to $11.15, representing 26% growth at the midpoint compared to full-year 2023.