Why Conduent Stock Was Plummeting Today
Wednesday was shaping up to be a Hump Day to forget for Conduent (NASDAQ: CNDT), the business-processing outsource specialist. The company's shares were down by more than 10% by midafternoon, as the S&P 500 was posting a gain of nearly 2%. Investors were basically punishing Conduent for what they considered to be a lackluster second quarter.
The results of that quarter, which were published just after market hours on Tuesday, showed that revenue fell by nearly 10% year over year to $928 million. On the bottom line, Conduent reached breakeven for the period, in contrast to the $12 million it earned in the same quarter of 2021. On an adjusted basis, the company posted a $0.03-per-share profit, well down from the year-ago $0.20.
This represented a double miss. On average, analysts following Conduent were expecting it to post $930 million in revenue, and $0.05 in adjusted per-share net profit.
Source Fool.com
