Stock Track | Concentrix Plunges Over 15% on Weak Q3 Results, Guidance Cut Amid Business Transition

Stock Track2024-09-26

Shares of Concentrix Corp (CNXC) plummeted over 15% in pre-market trading on Wednesday after the technology and services company reported disappointing third-quarter results and slashed its full-year guidance. The stock's sharp decline was driven by the company's ongoing strategic shift away from lower-margin, commoditized business towards higher-value, transformational projects, resulting in near-term headwinds.

Concentrix missed analysts' estimates for both revenue and earnings in the fiscal third quarter, citing lower volumes, shifts to lower-cost delivery locations, and the loss of some commoditized projects. The company reported adjusted earnings per share of $2.87, below the consensus estimate of $2.93, while revenue of $2.39 billion also fell short of expectations.

Looking ahead, Concentrix lowered its fourth-quarter revenue expectations due to lower volume forecasts, larger shifts to lower-cost delivery geographies, and the loss of some commoditized projects. The company also reduced its full-year 2024 non-GAAP EPS guidance to the range of $11.05 to $11.31 per share, down from its previous guidance range of $11.33 to $11.73 per share.

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