Cognyte Software gains on upbeat 2024 revenue forecast

COGNYTE SOFTWARE

11/04/2023 16:40

(Updates)
    ** Shares of security and analytics software provider
Cognyte Software Ltd  CGNT.O  rise as much as 22.6% to an over
six-month high of $4.18
        ** Stock last up ~18% at $4.02
  
    ** Co forecasts FY 2024 revenue above Wall Street estimates
on winning large deals and increase backlog, driving improved
visibility
    ** Expects revenue of $300 mln, compared to estimates of
$287.5 mln, according to Refinitiv data
    ** Sees annual loss of 60 cents per share vs analyst
estimates of a loss of 69 cents per share
    ** CGNT also beats Q4 revenue expectations and reported
smaller-than-expected loss
    ** Stock up nearly 29% in 2023

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))