Guidewire Software (NYSE: GWRE) reported non-GAAP earnings per share of 26 cents in third-quarter fiscal 2024 (ended Apr 30, 2024), which surpassed the Zacks Consensus Estimate of 13 cents. The company reported a non-GAAP loss of 8 cents in the year-ago quarter.
The company reported revenues of $240.7 million, up 16% year over year. The revenues surpassed the Zacks Consensus Estimate by 4%. The uptick was driven by solid Tier-1 deal volume and increasing migration activity, especially in Asia Pacific.
Guidewire Cloud continued to gain momentum in the reported quarter with eight deal wins. Management highlighted that including the eight deal wins, InsuranceSuite cloud wins now stand at 24 for the year-to-date period, representing a 33% increase from the same period in the last fiscal year.
As of Apr 30, annual recurring revenues were $828 million, up 14.7% year over year.
Management raised its guidance for fiscal 2024 owing to strong pipeline activity. The company expects total revenues between $968 million and $976 million compared with the previous guidance of $957-$967 million. ARR is now expected to be in the range of $856-$864 million (previously projected range: $852-$862 million).
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