The revenue miss was due to a slowdown in spending from existing customers that began in October and one of the company’s largest customers pulling back its business significantly.
CEO Ash Kulkarni said the company exceeded guidance across all profitability metrics, helped by strong sales execution, continued market demand for its products and innovation.
Agilysys CEO Ramesh Srinivasan said revenue levels, especially one-time product revenue, continue to be impacted by recent sales challenges with point-of-sale products.
Artificial intelligence (AI) has been the biggest investment theme over the past couple of years, as it rapidly transforms numerous industries. Investors are eager to identify the winners of the ongoing AI gold rush.
While the broad stock market indices remain at near-record levels, there are sectors of the market that have dropped into correction or even bear market territory over recent months.
