AI-Driven CX Driving Strong Results for Verint

How do you deliver a world class customer experience while managing wage inflation, workforce retention and other workforce related challenges? With technology. Changing workforce dynamics make it more urgent for brands to deploy artificial intelligence-driven solutions to help increase their workforce capacity and be able to do more with limited resources and budgets.

The message seems to be penetrating the contact center market. Verint (News - Alert), which produces a popular AI-driven cloud platform, has reported strong financial results for the previous quarter and half-year.

The company announced that revenue for the three months ended July 31, 2022 was $223 million on a GAAP basis representing 3.9 percent year-over-year growth and $224 million on a non-GAAP basis, representing 3.7 percent year-over-year growth. Revenue for the six months ended July 31, 2022 was $441 million on a GAAP basis, representing 6.1 percent year-over-year growth, and $443 million on a non-GAAP basis, representing 6.1 percent year-over-year growth.

“I am pleased to report another strong quarter with strong momentum across key cloud KPIs driven by brands looking to close the engagement capacity gap,” said Dan Bodner, Verint CEO. “We had many significant wins from existing and new customers and delivered another quarter of double-digit New Perpetual License Equivalent (PLE) Bookings growth with our bookings mix continuing to shift to SaaS (News - Alert).”

In its report, Verint noted the challenges associated with a significant portion of its revenue being generated in foreign currencies, as the currency market is volatile. But, the company noted it has had a minimal impact.

“This is due to the fact that about one-third of our cost of revenue and operating expenses are in foreign currencies and therefore, the appreciating dollar reduces our non-U.S. dollar cost of revenue and operating expenses largely offsetting the revenue reduction,” explained Verint CFO Doug Robinson. “This natural hedge results in no real change due to FX to our bottom-line reported results and guidance.”

Edited by Erik Linask