Rimini Street, Inc. (RMNI) gained in the current market after announcing its fourth quarter and fiscal 2021 results. RMNI values at $5.89, gaining more than 30.02% compared to yesterday’s closing price. The stock closed at $4.53 at the end of the last trading session. The stock volume traded in the previous trading session was around 816.43K shares. The current market cap of the company is about $505.99 million.
RMNI: Q4 and Fiscal 2021 Key Financials
- Rimini Street, Inc.’s revenue in Q4 2021 was $99.3 million. It is an increase of more than 13% compared to the revenue of $87.8 million in Q4 2020.
- Fiscal 2021 revenue was $374.4 million, 14.6% more than the revenue of $326.8 million in fiscal 2020.
- The company’s net income in Q4 2021 was around $70.1 million, a massive gain compared to the net income of $2.5 million in Q4 2020.
- RMNI net income in fiscal 2021 was around $75.2 million, and profitability improved massively compared to the net income of $11.6 million in fiscal 2020.
- The Q4 2021 diluted earnings per share were $0.77, compared to the earnings per share of $0.06 in Q4 2020.
- For fiscal 2021, the diluted earnings per share were $0.51, compared to $0.21 in fiscal 2020.
RMNI CEO’s Remarks
According to co-founder, CEO, and chairman of the board, Seth A. Ravin, Rimini Street achieved record revenue surpassing forecast, margin growth, robust revenue retention, and cash flow creation. We see a lot of potential for Rimini Street’s growing enterprise’s software support solutions portfolio. We are working hard to launch, sell and deliver them to new and current customers internationally.
RMNI 2022 Outlook
According to Rimini Street’s forecasts, revenue expectation for the first quarter of 2022 is in the range of $95.0 million to $96.0 million. The firm expects its total revenue for 2022 to be in the range of $400.0 million to $410.0 million.
Conclusion
Rimini Street, Inc. (RMNI) showed promising performance in fiscal 2021. The company secured some big corporate clients, including Mitsubishi Corporate Life Sciences, Philippines Airlines, Korean Air, Open Universities Australia, and many others. The company’s revenue and net income increased by an impressive percentage, due to which investors are taking an interest in RMNI, and it is gaining in today’s regular trading session.
