Tyler Technologies misses quarterly revenue estimates

Tyler Technologies

01/11/2023 21:35

Nov 1 (Reuters) - Tyler Technologies  TYL.N  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
 TRI.TO , Oracle  ORCL.N  and Motorola Solutions  MSI.N  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  IT.N  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)
 ((Jaspreet.Singh@thomsonreuters.com; https://twitter.com/i_jass;))