NICE (NASDAQ:NICE) shares fell more than 5% yesterday after the company reported its Q1 results. While Q1 EPS of $2.03 and revenue of $571.9 million came in better than the Street estimates of $1.98 and $564.02 million, respectively, 2023 guidance missed the Street estimates.

2023 EPS is expected to be in the range of $8.32-$8.52, compared to the Street estimate of $8.39, and revenue of $2.35-$2.37 billion, compared to the Street estimate of $2.36 billion.

According to the analysts at RBC Capital, they came away with increased confidence in fiscal cloud growth guidance, driven by accelerated cloud migration, improvement in retention/expansion rates, and no signs of disruption from regional bank failures.