NICE has achieved $1 billion in cloud revenues over the course of 2021.
After securing $285 million in Q4, NICE cloud offerings accounted for over 53% of overall annual revenues.
As businesses move away from on-premise systems, this is perhaps little surprise. After all, NICE CXone is a highly regarded contact centre as a solution (CCaaS) offering, with Gartner pinpointing the solution as one of just two market leaders in a competitive space.
These positive reviews seem to be translating into rising revenues, which Beth Gaspich, Chief Financial Officer at NICE, discussed on an earnings call:
The Q4 top-line was driven by another stellar quarter in the cloud with 28% year-over-year cloud revenue growth coupled with an outstanding performance in our product revenue, which grew 54% year-over-year.
NICE highlighted many other positives, including a 260% growth in the number of digital-first deals within the past year.
CEO Barak Eilam was also keen to highlight its progress in the AI space. "AI bookings increased fivefold, quickly transforming NICE from an analytics leader to an AI powerhouse," he said.
However, on the day of the Q4 results release, NICE share prices dropped by over eight percent, from $261.62 to $239.25.
A temporary blip perhaps. Nevertheless, the Q4 results show an operating income of $65 million, the same figure as last year. Meanwhile, its operating margin was 12.6%, compared to 15.0% last year.