NICE Shares Pop After Q3 Beat; Clocks 12% Revenue Growth Backed By Cloud Momentum

NICE Ltd NICE reported third-quarter FY22 non-GAAP revenue growth of 12.2% year on year to $554.7 million, beating the consensus of $548.8 million.
Non-GAAP revenues from Cloud grew 26% Y/Y to $330.5 million.
The non-GAAP gross margin expanded 120 bps to 73.5%, while the non-GAAP operating margin expanded 40 bps to 28.7%.
Non-GAAP EPS of $1.92 beat the consensus of $1.87.
NICE generated $94.3 million in operating cash flow and held $1.46 billion in cash and equivalents.
CEO Barak Eilam said, "We reported double-digit growth in total revenue driven by another excellent quarter in cloud revenue, which grew 27% at constant currency."
Eilam continued, "We are witnessing a dramatic shift in the enterprise software landscape that is creating massive opportunities for some and unbridgeable gaps for others."
Outlook: NICE reiterated the FY22 non-GAAP revenue outlook of $2.168 billion - $2.188 billion (consensus: $2.18 billion).
NICE boosted non-GAAP EPS from $7.33 - $7.53 to $7.40 - $7.60 (consensus: $7.45).
Price Action: NICE shares traded higher by 9.69% at $184.02 in the premarket session on the last check Thursday.