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By Dhirendra Tripathi
Investing.com – Guidewire Software stock (NYSE:GWRE) rose 5% during Friday’s session as the company’s outlook for the ongoing financial year impressed following a strong momentum in customer acquisition in the fourth quarter.
It secured a record 17 core Cloud deals in the fourth quarter, and Chief Executive Officer Mike Rosenbaum said it is well positioned to drive growth.
The company expects total revenue around $785 million at the midpoint, up 5.6% from last year’s $743.3 million. Annual recurring revenue is seen around $662 million at the midpoint compared to $582 million as on July 31.
Guidewire combines digital, core, analytics, and AI to deliver its platform as a Cloud service to property and casualty insurers.
The company’s fourth-quarter revenue fell 6% from the same period last year, to $229.4 million, mainly driven by a fall in license revenue, and services revenue, to some extent. It still came ahead of expectations.
Adjusted profit more than halved but came ahead of expectations on a per share basis.