Verint Systems Shares Plunge 8% Following Q2 Results

Verint Systems Inc. (NASDAQ:VRNT) shares dropped more than 8% on Thursday following the company’s reported Q2 results, with revenue of $223 million coming in worse than the Street estimate of $225.69 million. Quarterly EPS was $0.56, better than the Street estimate of $0.53.

The sharp revenue slowdown in Q2 to a 3.7% growth from the previous quarter’s 8.6% growth was chalked up to an FX decline of 2.5%, and the company is now shifting focus to constant currency (CC), but there too, revenue growth of 6.2% moderated from prior 9.9%.

For the full 2023-year, the company expects revenue to be $920 million. Management reiterated last quarter's comments that it has not seen any changes to customer behavior from current lackluster macro conditions, but investors may be skeptical.