Tyler Technologies misses quarterly revenue estimates
(Reuters) - Tyler Technologies missed Wall Street estimates for third-quarter revenue on Wednesday, as the IT service provider faces stiff competition from bigger firms in an uncertain economy.
The company provides integrated information management services for the public sector and competes with Thomson Reuters, Oracle and Motorola Solutions among others that offer similar services for the government sector.
Plano, Texas-based Tyler posted revenue of $494.7 million for the quarter ended Sept. 30, slightly below analysts' estimates of $495.9 million, according to LSEG data.
State and local government application and vertical specific software spending is expected to grow from $27 billion this year to $41.8 billion in 2026 globally, research and advisory firm Gartner told Reuters on Wednesday.
Tyler now expects annual revenue in the range of $1.942 billion to $1.962 billion, compared with prior estimates of between $1.940 billion and $1.965 billion.
The company raised its annual adjusted profit per share to a range of $7.66 to $7.80, from its prior estimate of between $7.60 and $7.75.
Third-quarter profit per share stood at $1.10, compared with $1.26 per share, a year earlier.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh Kuber)
