November 8, 2018 / 11:20 AM / a year ago

Cloud growth helps Israel software firm Nice beat Q3 estimates

JERUSALEM, Nov 8 (Reuters) - Israeli software provider Nice reported a higher-than expected 18 percent rise in quarterly net profit, boosted by continued growth in its cloud and analytics tools.

Nice said on Thursday it earned $1.12 per diluted share excluding one-time items in the third quarter, compared with 95 cents a year earlier. Revenue grew 9 percent to $356 million, with cloud revenue up 20 percent to $120 million.

Nice was forecast to post adjusted EPS of $1.07 on revenue of $352 million, according to I/B/E/S Refinitiv.

"The results ... reflect our continued focus on driving excellent execution around our strategic pillars of cloud, analytics and artificial intelligence that led to strong growth on both the top and bottom lines," said Nice CEO Barak Eilam.

"As we look forward to ending the year on a high note, we now expect to exit 2018 with a cloud revenue run rate of $550 million up from our previous expectation of $500 million, while continuing to drive profitability."

Nice has been banking on analytical tools that allow companies to assess large amounts of data to spot fraud and security threats.

Nice raised its 2018 adjusted EPS forecast to $4.53-$4.69 from $4.46-$4.66 and its revenue projection to $1.45-$1.466 billion from $1.434-$1.458 billion. (Reporting by Steven Scheer; Editing by Tova Cohen)

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