Shares of Verint Systems (NASDAQ:VRNT) spiked today after the company's second-quarter fiscal 2021 results beat Wall Street's revenue and earnings estimates. The company's shares were up by as much as 12.5% in morning trading.
As of 11:33 a.m. EDT, Verint's stock had gained 9%.
Verint investors pushed the stock up after the company reported adjusted earnings of $1.06 per share in the second quarter, which was a significant improvement over the $0.82 in the year-ago quarter and easily outpaced analysts' consensus earnings estimate of $0.71.
The company's adjusted revenue of $313 million was down from the year-ago quarter, but still beat Wall Street's consensus estimate by about 4%.
Verint CEO Dan Bodner said in a company press release:
We had a solid Q2 with strong sequential revenue growth, year-over-year operating income growth and cash from operations growth. Our cloud business accelerated, and our on-premises business began to recover from the initial impact of COVID-19. We expect our cloud momentum to continue in the second half of the year and on-premises deals to continue to gradually recover.
Even with today's share price jump, Verint's stock hasn't fully recovered from its steep drop back in March. The company's share price is down 4.8% year to date. Investors should be pleased with the company's second-quarter results, but there could be more share price swings ahead. The broader market, and the tech sector, have been volatile recently as investors process near-daily information about the U.S. economy and the coronavirus.