Nice NICE is set to release first-quarter 2024 results on May 16.
For the to-be-reported quarter, NICE projects non-GAAP revenues to be between $650 million and $660 million, indicating 15% growth at the midpoint. Non-GAAP earnings are estimated in the $2.40-$2.50 per share band.
The Zacks Consensus Estimate for revenues is pegged at $654.81 million, indicating an increase of 14.5% from the year-ago quarter’s reported figure.
The consensus mark for earnings has been stable in the past 30 days at $2.45 per share. The figure suggests an increase of 20.69% from the prior-year quarter’s levels.
Nice Price and EPS Surprise
Nice price-eps-surprise | Nice Quote
NICE’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 3.98%.
Let’s see how things have shaped up for NICE prior to this announcement.
Factors Likely to Influence Q1 Results
NICE’s first-quarter 2024 performance is likely to have benefited from the strong adoption of its cloud solutions, with a focus on the expansion of CXone into a comprehensive digital engagement and the CX AI platform.
Strong momentum across cloud solutions is likely to have acted as a tailwind. The Zacks Consensus Estimate for first-quarter 2024 cloud revenues is pegged at $469 million, indicating year-over-year growth of 27.44%.
Growing customer engagement, owing to strength in its robust CXone solutions, is expected to have benefited the top-line performance in the to-be-reported quarter.
NICE’s advanced AI capabilities, particularly the Enlighten AI platform, are expected to have bolstered the company’s performance in the quarter under review.
The company’s AI-powered Autopilot and Copilot solutions for scalable self-service and automation, empowering organizations to boost customer engagement, efficiency and cost savings, are likely to have contributed to its fiscal first-quarter performance.
Strength in the financial crime and compliance segment, driven by Nice’s cloud platform solutions like X-Sight and Xceed, is likely to have aided the company’s top-line growth during the quarter under review.
NICE is also expected to benefit from the ongoing trend of digitalization across large enterprises on the back of its increasing focus on digital engagement and conversational AI.
What Our Model Says
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That’s the exact case here.
NICE has an Earnings ESP of +0.18% and carries a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks to Consider
Here are some other companies worth considering, as our model shows that these also have the right combination of elements to beat on earnings in their upcoming releases:
NVIDIA NVDA has an Earnings ESP of +2.50% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
NVIDIA’s shares have surged 82.3% year to date. NVDA is scheduled to release first-quarter fiscal 2025 results on May 22.
Agilent Technologies A has an Earnings ESP of +0.42% and a Zacks Rank #3.
The stock has inched up 6.3% year to date. A is set to report its second-quarter fiscal 2024 results on May 29.
Snowflake SNOW has an Earnings ESP of +6.25% and a Zacks Rank #3 at present.
Snowflake’s shares have declined 19.7% year to date. SNOW is set to report first-quarter fiscal 2025 results on May 22.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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