Tyler Technologies loses quarterly revenue estimates due to weak IT spending

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Tyler Technologies loses quarterly revenue estimates due to weak IT spending
Tyler Technologies loses quarterly revenue estimates due to weak IT spending

Tyler Technologies missed Wall Street’s fourth-quarter revenue forecasts, blaming intense competition for IT-related services from larger corporations.

Tyler Technologies missed Wall Street’s fourth-quarter revenue projections on Wednesday, citing stiff competition for IT-related services from larger firms.

Shares of the Plano, Texas-based IT services provider sank almost 3% in after-hours trading.

High finance costs and fierce competition from larger companies like Oracle and Motorola Solutions have weighed on Tyler’s subscription service demand.

Tyler Technologies offers integrated information management solutions and services for the public sector, as well as professional IT services for clients, such as software and hardware installation.

Tyler reported revenue of $480.9 million for the quarter ended December 31, missing analysts’ average estimate of $484.7 million, according to LSEG data.

Profit per share was 91 cents in the fourth quarter, up from 73 cents the previous year.

The company expects sales for fiscal year 2024 to range between $2.10 billion and $2.14 billion, compared to analysts’ estimates of $2.13 billion.

It expects a full-year adjusted profit per share of $8.90 to $9.10, compared to projections of $8.78 per share.

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