Nuance Q3 results better than expected
Meanwhile, Nuance posted its third quarter financial results on Wednesday, beating market expectations.
Under the ASC 605 reporting standard, the voice recognition software giant delivered a non-GAAP EPS of 31 cents on non-GAAP revenue of $460.2 million.
Wall Street was looking for an EPS of 28 cents on revenue of $455.96 million.
"Once again, we delivered on our strategic and financial objectives in the third quarter," CEO Mark Benjamin said in a statement. "We generated solid revenue growth across each strategic business segment with better than expected margins, leading to better than anticipated results on the bottom line."
Nuance's recurring revenue in Q3 was $355.9 million, up 100 basis points year-over-year. The company exited its non-core Subscription Revenue Services (SRS) business in Q3. It also made progress toward spinning off of its Automotive business, naming the new company Cerence Inc. and selecting its board of directors.
Meanwhile, 3D Systems posted its second quarter report, with mixed results.
The company reported non-GAAP earnings of $0.00 per share on revenue of $157.3 million.
Wall Street was looking for a net loss of 4 cents per share on revenue of $160.74 million.
"We continue to see strength in customer demand for our core and new products and solutions, but as expected, year over year revenue growth was impacted by ordering patterns of a large enterprise customer, the delay in shipping Factory metals systems as we complete technical enhancements and weaker macro-economic conditions in some areas of our market," CEO and president Vyomesh Joshi ("VJ") said in a statement.
The company reported 46.4 percent higher printer unit sales, driven by sales of the Figure 4 platform. However, printer revenue decreased 27.4 percent year-over-year, due to the timing of large enterprise customer orders and the softer macro industrial environment. Materials revenue decreased 8.5 percent in Q2, on demand services decreased 12.4 percent and software decreased 0.5 percent.