Mitek Systems (MITK) Misses Q3 Earnings and Revenue Estimates

Core Insights - Mitek Systems reported quarterly earnings of $0.25 per share, missing the Zacks Consensus Estimate of $0.26 per share, but showing an increase from $0.20 per share a year ago, resulting in an earnings surprise of -3.85% [1] - The company generated revenues of $44.98 million for the quarter ended June 2024, which was 5.76% below the Zacks Consensus Estimate and an increase from $43.07 million year-over-year [2] - Mitek Systems has not surpassed consensus EPS estimates in the last four quarters and has only exceeded revenue estimates once during the same period [2] Company Performance - Mitek Systems shares have declined approximately 14% since the beginning of the year, contrasting with the S&P 500's gain of 9% [3] - The current consensus EPS estimate for the upcoming quarter is $0.32 on revenues of $50.28 million, and for the current fiscal year, it is $0.96 on revenues of $181.9 million [7] Industry Outlook - The Computer - Optical Imaging industry, to which Mitek Systems belongs, is currently ranked in the top 43% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]