Tyler Technologies beats Q1 revenue estimates on strong demand for IT services

By Thomson Reuters Apr 24, 2024 | 4:07 PM

(Reuters) – Tyler Technologies beat Wall Street estimates for first-quarter revenue on Wednesday, helped by strong demand for its information technology services as enterprise clients are moving towards digital solutions.

The increase in enterprises and government agencies digitizing their operations and moving data from on-premises to the cloud is helping IT-related service companies like Tyler.

Shares of the Plano, Texas-based company rose 2.6% in trading after the bell.

The company posted revenue of $512.4 million for the quarter ended March 31, above analysts’ estimates of $507.2 million, according to LSEG data.

Tyler provides integrated information management solutions and services for the public sector and professional IT services to clients.

The IT-solution provider’s subscription revenue rose 11.7% to $313.2 million during the reported quarter from an year earlier.

The company’s first-quarter earnings per share stood at $1.26, up from 73 cents a year earlier.

Tyler raised the lower end of its full-year 2024 revenue forecast. It now expects revenue between $$2.11 billion to $2.14 billion, up from its earlier forecast of $2.10 billion to $2.14 billion.

(Reporting by Priyanka.G in Bengaluru; Editing by Shailesh Kuber)