Rimini Street Stock Price, News & Analysis

Rimini Street (Nasdaq: RMNI) reported its fourth quarter and full year 2022 results, with quarterly revenue of $108.6 million, up 9.4% year-over-year. Fiscal year revenue reached $409.7 million, also up 9.4%. However, billings for the fiscal year dipped 2.0% to $409.3 million, while the quarterly gross margin declined to 64.5% from 65.1% year-over-year. The company reported a net loss of $5.3 million for Q4, a stark contrast to a net income of $70.1 million in Q4 2021. They expect Q1 2023 revenue between $101 million and $103 million and guidance for full-year 2023 revenue of $420 million to $430 million.

Rimini Street, Inc. (NASDAQ: RMNI), a leading provider of enterprise software support, has launched Rimini Consult, a new suite of professional services designed to enhance Oracle, SAP, and Salesforce systems. This initiative aims to improve software customization, integration, migration, and digital transformation for clients. The services are backed by a team of over 800 engineers, providing 24/7 support with an average response time of under two minutes. Rimini Street's past projects have delivered considerable success, emphasizing their commitment to maximizing software value and innovation for organizations.

Rimini Street, Inc. (Nasdaq: RMNI) has launched Rimini Watch™, a suite of proactive observability solutions designed to improve the performance and continuity of Oracle and SAP applications and databases. This offering combines monitoring, health checks, and change management capabilities to address downtime and operational inefficiencies. Key features include proactive monitoring of applications and databases, enhanced change management processes, and 24/7 expert support. Rimini Watch is aimed at reducing operational costs and ensuring business continuity for enterprises relying on complex software infrastructures.

Rimini Street, Inc. (Nasdaq: RMNI) has launched the RMNI LOVE Grant Program in Tokyo, inviting local certified charities to apply for one of five $10,000 grants. Following its inaugural successful event in Las Vegas in 2022, the program aims to support organizations that align with the company's core values. Applications for the grants will be accepted from February 15, 2023 until March 10, 2023. The initiative reflects Rimini Street's commitment to community support and celebrates its presence and history in Japan, where it has a growing client base.

Rimini Street (NASDAQ: RMNI) has been selected by Globe Union, a leader in kitchen and bath products, to address challenges stemming from declining vendor support for its Oracle EBS systems. This partnership aims to reduce operational costs while enhancing innovation. Globe Union benefits from dedicated support, timely ticket resolutions, and a minimum 15-year software support guarantee. The savings from reduced IT labor can now be reallocated to key projects, including a major production base relocation and new reporting systems. This strategic move emphasizes cost efficiency and technological empowerment in their operations.

Rimini Street, Inc. (NASDAQ: RMNI) will report its fourth quarter and fiscal year 2022 earnings on March 1, 2023, after market close. A conference call and webcast for discussion of results and the 2023 outlook is scheduled for 5:00 p.m. Eastern / 2:00 p.m. Pacific. The event will be accessible via Rimini Street's Investor Relations site. The company is a leading provider of third-party support for Oracle and SAP software, serving over 4,900 organizations globally. Investors can find more details about the event on their official website.

Rimini Street, Inc. (Nasdaq: RMNI) has announced the global adoption of its four-day workweek program, "Fabulous Fridays!" for 2023 following a successful trial in 2022. The initiative aims to enhance employee well-being and productivity by reducing workdays, allowing employees more time for relaxation and personal matters. Feedback from staff has been overwhelmingly positive, citing improved work-life balance. This decision supports Rimini Street's core values of sustainability and productivity, reinforcing its commitment to employee satisfaction and operational excellence.

Rimini Street (NASDAQ: RMNI), a leader in third-party support for Oracle and SAP, has announced a strategic partnership with Tanita Corporation, a global leader in health monitoring devices. By moving to Rimini Street for SAP support, Tanita is reducing its annual maintenance costs by up to 90%. This shift allows Tanita to reallocate valuable IT resources towards critical initiatives including cybersecurity and digital transformation. Tanita's switch underscores Rimini Street's reputation for providing reliable support while enabling companies to optimize their IT strategies for better operational efficiency.