Tyler Technologies fails to hit quarterly revenue targets

Tyler Technologies posted $494.7 million in revenue for the third quarter ending on Sept. 30, which fell below analysts' estimates.
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Tyler Technologies, a major IT service provider to the public sector, missed Wall Street estimates for its third-quarter revenue, Reuters reported on Wednesday. The company posted $494.7 million in revenue for the third quarter ending on Sept. 30, which fell below analysts’ estimates of $495.9 million, according to LSEG data.

Based in Plano, Texas, Tyler is facing steep competition from larger firms — including Oracle, Motorola Solutions and Reuters — as the U.S. economy grows increasingly unpredictable.

“Our third quarter earnings and cash flow surpassed expectations and reflect a continuation of solid execution on key operational initiatives,” Lynn Moore, Tyler’s president and chief executive officer, said in a statement to the Financial Times.

The U.S. government’s IT spending is expected to increase by 20% over the next three years, according to research and advisory firm Gartner’s 2023 forecast, with state and local government application and software spending expected to grow globally from $27 billion to $41.8 billion by 2026.


Tyler now expects annual revenue in the range of $1.942 billion to $1.962 billion, compared with prior estimates of between $1.940 billion and $1.965 billion. The company raised its annual adjusted profit per share to a range of $7.66 to $7.80, from its prior estimate of between $7.60 and $7.75.

Tyler Technologies held a conference call Thursday to discuss the company’s third-quarter results, including its recent acquisition of Computer Systems Innovations for approximately $36 million, the latest in a string of acquisitions

Sophia Fox-Sowell

Written by Sophia Fox-Sowell

Sophia Fox-Sowell reports on artificial intelligence, cybersecurity and government regulation for StateScoop. She was previously a multimedia producer for CNET, where her coverage focused on private sector innovation in food production, climate change and space through podcasts and video content. She earned her bachelor’s in anthropology at Wagner College and master’s in media innovation from Northeastern University.

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