Israel's Nice Q1 profit tops estimates, withdraws 2020 outlook
TEL AVIV, May 14 (Reuters) - Israeli enterprise software provider Nice reported a slightly better-than-expected 14% increase in quarterly net profit but withdrew its annual forecast due to uncertainty related to the coronavirus outbreak.
Nice said on Thursday it earned $1.34 per diluted share excluding one-time items in the first quarter, compared with $1.18 a year earlier. Revenue grew 9% to $411 million, with cloud revenue up 27% to $173 million.
Nice was forecast to post adjusted EPS of $1.32 on revenue of $410 million, according to I/B/E/S Refinitiv.
"Given uncertainties related to the COVID-19 pandemic and the rapidly changing global economic environment, the company is withdrawing its previously issued full-year 2020 guidance provided February 13," the company said.
The company estimated second quarter revenue in the range of $387 million to $397 million and adjusted EPS of $1.28 to $1.38. Analysts forecast adjusted EPS of $1.33 on revenue of $407.8 million.
"While we are faced with some unpredictability in the short term due to the economic environment, we continue to experience strong growth in our cloud business," CEO Barak Eilam said. (Reporting by Tova Cohen and Ari Rabinovitch Editing by Steven Scheer)
