Cognyte Software posted $86.4 million in Q1 GAAP revenue, thereby falling short of the analyst consensus estimate by nearly 23%.
The company incurred a loss of -79 cents per share, while analysts’ had expected earnings of 12 cents a share. In the prior-year quarter, earnings were 20 cents per share.
CEO Elad Sharon said he’s “disappointed” with the quarterly results, while he blamed “slow pipeline conversion” and supply-chain issues for impacting the quarter.
Looking ahead, Cognyte did not provide any forward fiscal guidance. Nevertheless, Sharon continues to “believe in the long-term opportunity” and says the company has “taken actions” to improve its “execution and cost structure in the current environment.”