Cognyte Software Climbs 7% Despite Wider Quarterly Loss

Shares of investigative analytics software company Cognyte Software Ltd. (CGNT) are rising more than 7% Wednesday morning despite reporting disappointing quarterly results.

Net loss in the second quarter widened to $28.87 million or $0.43 per share from $285000 or breakeven per share in the same quarter a year ago.

Revenue for the quarter declined to $81.11 million from $115.99 million a year ago.

“In the second quarter, our revenue was disappointing, but we are encouraged with bookings coming in higher than revenue and contributing to a substantial increase in backlog,” said Elad Sharon, Cognyte’s Chief Executive Officer.

CGNT is at $4.75 currently. It has traded in the range of $3.91-$24.24 in the last 1 year.

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