Why SS&C Technologies Stock Fell 16.8% in July
Shares of SS&C Technologies (NASDAQ: SSNC) declined 16.8% in July, according to data from S&P Global Market Intelligence, after the investment management software specialist reduced its full-year outlook despite posting strong second-quarter results.
The stock was basically flat through the first several weeks of last month, then shares dropped more than 16% on July 30 after its quarterly update hit the wires. SS&C's headline numbers were solid by any measure; revenue increased 27.2% year over year to $1.156 billion, and its adjusted net income per share jumped almost 50% to $0.91. Both figures were near the midpoints of SS&C's own financial guidance ranges.
CEO Bill Stone also lauded its "strong business and market-leading products," adding that SS&C's management and sales force achieved profitable revenue growth, with EBITDA margins expanding more than 600 basis points year over year.
Source Fool.com
