Cognyte Software Rallies After Lifting Full-year Outlook

(RTTNews) - Shares of Cognyte Software Ltd. (CGNT) are surging more than 20% Tuesday morning after the company raised its full-year outlook.

Cognyte now expects to report a loss of about $0.33 per share for the full year, narrower than $0.53 per share loss guided earlier.

Revenue for the year is expected to be $307 million at the midpoint with a range of +/- 2%, up from the prior outlook of $303 million at the midpoint with a range of +/- 2%.

For the second quarter, Cognyte reported net loss of $9.43 million or $0.13 per share, narrower than 28.87 million or $0.43 per share loss a year ago. Excluding one-time items, loss was $6.39 million or $0.09 per share

Revenue for the quarter declined to $77.05 million from $81.11 million last year.

CGNT is at $5.57 currently. It has traded in the range of $2.31 - $6.23 in the last 52 weeks.