By Michael Dabaie
Cognyte Software Ltd. shares fell 28% to $4.64 in morning trading after the company’s first quarter came in below analysts views, results the company called disappointing.
“We are disappointed with our first quarter results, which were impacted by slow pipeline conversion and supply chain. We have taken actions to improve our execution and cost structure in the current environment,” Chief Executive Elad Sharon said. “At this time, we are unable to give guidance but continue to believe in the longterm opportunity.”
The analytics software company reported first-quarter revenue of $86.4 million, down from $114.7 million a year earlier and missing the FactSet consensus for $112.6 million.
Adjusted per-share loss was 79 cents, missing the consensus for adjusted per-share earnings of 9 cents.
Write to Michael Dabaie at [email protected]
