Medtronic Misses Q4 Earnings Expectations

NCINO (NCNO) Lags Q4 Earnings Estimates

RALEIGH, NC - February 23, 2023 - NCI Inc. (NCNO), a leading provider of cloud-based financial services, reported its fourth-quarter earnings yesterday, missing estimates and sending its stock plunging.

According to the company's announcement, NCI Inc. reported a loss of $0.14 per share, missing the Zacks Consensus Estimate by $0.02. This marks the second consecutive quarter that the company has missed earnings expectations.

The company's revenue for the quarter came in at $15.9 million, a 10% increase year-over-year. However, this was still below the consensus estimate of $16.4 million.

NCI Inc.'s CEO, Rajive Deabreu, attributed the miss to increased investments in the company's technology and infrastructure, as well as higher operating expenses. "We continue to make progress on our strategic initiatives, and while we fell short of our earnings expectations, we remain confident in our ability to drive long-term growth and profitability," Deabreu said in a statement.

Despite the earnings miss, NCI Inc.'s stock has been a strong performer in recent months, gaining over 50% in the past year. Analysts are still optimistic about the company's long-term prospects, citing its growing presence in the cloud-based financial services market.

Shares of NCNO fell sharply following the earnings release, closing down 12% yesterday. The stock has since recovered some of its losses, but remains down 9% in the aftermath of the earnings report.