Nice's Quarterly Results Bolstered by Its Growing Cloud Business

Nasdaq-listed software company Nice Ltd. published its second-quarter reports for 2018 on Thursday. The company reported quarterly GAAP revenues of $342 million (non-GAAP revenues of $345 million), a 10% increase year-over-year, bolstered by a 28% year-over-year increase in cloud revenue, which reached $109 million for the quarter. The company stated it expects its annual recurring cloud revenue to exceed $500 million by the end of the year.

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Nice provides communication, tracking and surveillance products. Founded in 1986 by a group of former Israeli military intelligence officers, Nice previously provided its software to law enforcement and intelligence agencies, before shifting to a more commercial focus in recent years.

Nice reported a quarterly GAAP gross profit of $223.4 million, a 12.9% increase year-over-year, and a GAAP net income of $34.2 million, a 40% increase year-over-year. Its GAAP operating income was $46 million, an 80% increase year-over-year, and its diluted earnings per share of $0.54 for the quarter, a 64% increase from the $0.33 it reported for the second quarter of 2017 (non-GAAP EPS of $1.06 versus $0.90, an 18% increase).

The company reaffirmed its full-year non-GAAP guidance for total revenues in the range of $1.434 billion to $1.458 billion, and increased its guidance for its non-GAAP fully diluted EPS to $4.46-$4.66.

Nice is currently trending down in pre-market trading.