Verint Systems Inc. (NASDAQ:VRNT) stock fell 7.71% (As on September 8, 11:29:17 AM UTC-4, Source: Google Finance) after the company posted mixed results for the second quarter of FY 23.  New PLE bookings increased 10% on a reported basis and 12% on a constant currency basis, in line with the target of 10% to 12% growth for the year. The company has received 28 cloud orders in excess of $1 million TCV as large enterprise customers continue shifting to the cloud. These large cloud orders included some of the more notable brands in the world, such as auto industry leader, Ford; global insurance provider, AXA; global logistics leader, FedEx; and leading financial institution, Citigroup. In addition, the company continues to win many new customers. And in Q2, the company has added more than 100 new logos, including insurance provider, Oscar Health; and telecom provider, SELCO. In Q2, constant currency cloud revenue increased 30% on a GAAP basis and 29% on a non-GAAP basis.

VRNT in the second quarter of FY 23 has reported the adjusted earnings per share of 56 cents, beating the analysts’ estimates for the adjusted earnings per share of 53 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 6 percent to $223.63 million in the second quarter of FY 23, missing the analysts’ estimates for revenue by 1.08%.

On a reported basis, the company’s new revenue guidance is $920 million, plus or minus 2%, which corresponds to $940 million. The company is maintaining the original guidance of 7% growth on a constant currency basis. The company expects cloud revenue growth of 32% to 34% on a constant currency basis. This translates to $515 million of cloud revenue on a reporting basis, at the midpoint of the guidance. And the company expects diluted EPS to be of $2.50, reflecting 10% year-over-year growth at the midpoint of the revenue guidance. For margins, the company expects to see some modest gross margin and operating margin expansion for the full year. The company expects cash from operations to come in a bit above $200 million for the year, excluding nonrecurring items. VRNT expects about $300,000 per quarter of net income from a non-controlling interest the company have in the small joint venture.

For Q3, the company expects a $2 million to $3 million sequential increase in revenue and $0.02 to $0.03 sequential increase in diluted EPS.