Nice reports bigger-than - expected net profit as cloud revenue grows

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JERUSALEM, Aug 5 – Israeli enterprise software provider Nice Ltd reported a bigger-than - expected increase of quarterly net profit, boosted by continued steep gains in revenue from its cloud platforms.

Nice said on Thursday it earned $1.57 per diluted share excluding one item in the first quarter, compared to $1.37 a year earlier. Revenue grew 16% to $459 million, with cloud revenue up 32% to $246 million.

Nice was expected to post adjusted EPS of $1.51 on revenue of $450 million, according to a forecast by I B E S Refinitiv.

Chief executive officer Barak Eilam noted cloud revenue was growing quickly and has been over 50% of total sales.

Nice is also investing in its digital products aimed at businesses to improve customer service calls.

We believe digital transformation is still in the very early stages and we believe we'll achieve the same outstanding success in digital as we have in cloud, Eilam said.

Nice raised its 2021 estimate, forecasting adjusted EPS of $6.26 - $6.46, up from a prior $6.19 - $6.39, and revenue of $1.835 - $1.855 billion, up from $1.8 - $1.82 billion. Analysts expect EPS of $6.28 and revenue of $1.82.

It calculated third-quarter revenue in the range of $460 million to $470 million and adjusted diluted earnings of $1.51 to $1.006.