August 9, 2018 / 10:44 AM / a year ago

Israeli software provider Nice beats Q2 profit estimates

TEL AVIV, Aug 9 (Reuters) - Israeli software provider Nice beat second-quarter profit forecasts on Thursday and raised its full-year earnings forecast by 3 cents a share, bolstered by its cloud and analytics tools.

“The continued strong execution around our growth pillars of cloud, analytics and artificial intelligence led to another quarter of double digit increases in total revenue and earnings per share,” CEO Barak Eilam said.

Nice has been banking on analytical tools, which allow companies to assess large amounts of data to spot fraud and security threats, to deliver faster growth.

Earnings per diluted share excluding one-time items rose to $1.06 from 90 cents a year earlier and topped the $1.02 expected by analysts, Thomson Reuters I/B/E/S data showed.

Revenue in the April-June quarter rose 10 percent to $345 million versus the $343 million expected by analysts.

Cloud revenue was up 28 percent to $110 million.

Buoyed by its performance Nice raised its 2018 adjusted EPS forecast to $4.46-$4.66 from $4.43-$4.63. Analysts were forecasting adjusted EPS of $4.54.

For the third quarter, Nice estimates adjusted EPS of $1.04-$1.10 and revenue of $347-$357 million.

Nice also reaffirmed a full year revenue forecast of $1.434 billion-$1.458 billion with annual recurring cloud revenue expected to exceed $500 million by the end of 2018. (Reporting by Tova Cohen; editing by Jason Neely)

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