Nice ( NICE Quick Quote NICE - Free Report) recently announced the Summer 2022 release of CXone with new capabilities, which enhance journey orchestration and complete performance.
The updated version of CXone will enable companies to offer a complete CXi experience to customers by utilizing digitalization, AI and automation. CXone is the only digital cloud platform offering intent-based intelligent-virtual agents (IVA), which separates Nice from its peers.
The recent upgrade bodes well for users as it offers Conversational AI and Chatbots that facilitate more natural and personalized assistance. The latest offering provides a frictionless customer experience, which drives positive experiences for agents and customers alike.
The growing adoption of the CX cloud platform has contributed to Nice's top-line growth positively, as evident from its first-quarter 2022 Cloud revenues (55.9% of revenues), which increased 29.2% year over year to $294.6 million.
NICE's shares have lost 32.6% year to date despite reporting impressive first-quarter 2022 results that benefited from a strong product portfolio and an expanding partner base.
The company's shares have suffered from bearish investor sentiments regarding the prospects of Internet-based stocks as economies started reopening after coronavirus-induced lockdowns and restrictions were lifted globally. Macro-economic challenges, including rising inflation and the Russia-Ukraine conflict, have reflected negatively on the share price.
Nevertheless, the stock has outperformed the Zacks
Internet Software industry, which declined 48.6% over the same time frame. The outperformance can be attributed to an expanding partner base, a strong product portfolio and an innovative product pipeline. Expanding Product Portfolio to Drive Growth
CXone has become an important solution for NICE. The company had previously launched CXone in Singapore, which has been helping the company witness an increasing pipeline. Availability of the solution provides Asia-Pacific companies with tools to eliminate friction and deliver customized digital customer experiences.
NICE's partnership with
Alphabet ( GOOGL Quick Quote GOOGL - Free Report) and BCE ( BCE Quick Quote BCE - Free Report) has been aiding in the growing adoption of CXone.
NICE entered into a partnership with Google. Per the agreement, NICE's AI-powered CXone was integrated with Google Cloud's Contact Center Artificial Intelligence ("CCAI") applications to make self-service bots and agent-facing virtual assistants more effective.
NICE recently expanded its partnership with Google, adding CXone to Google's Chrome Enterprise Recommended program.
Previously BCE, Canada's largest communications company, entered into an agreement with NICE to expand access to its CXone for Contact Center as a Service in the country.
Along with CXone, the company's other solutions like Inform Elite, Nexidia, Actimize, Robotic Process Automation and Investigate have also been gaining traction in recent times.
As a testament to the rising adoption of Nice's expanding portfolio in March, NICE announced that its next-generation NTR-X solution is available for compliance recording capture for communications via
Zoom ( ZM Quick Quote ZM - Free Report) , including Zoom Meetings and Zoom Phone.
NICE has collaborated with Zoom to create and utilize new APIs for financial markets' compliance recording.
The expanding availability of NICE products on different platforms is helping the company win customers frequently, which will drive the company's top-line growth in the coming quarters. This will impact Nice's share price movement positively in the long run.
Nice currently carries a Zacks Rank #3 (Hold). You can see
the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.