Why TaskUs Stock Dropped Today
Shares of TaskUs (NASDAQ: TASK) were down 14% as of 2 p.m. ET Thursday, according to data provided by S&P Global Market Intelligence, after the digital services outsourcing specialist lowered its full-year guidance despite posting better-than-feared second-quarter 2023 results.
Indeed, TaskUs' quarterly revenue declined 7% year over year, to $229.2 million, translating to non-GAAP (adjusted) net income of $31.8 million, or $0.32 per share. Analysts, on average, were expecting lower earnings of $0.29 per share on revenue of $227.3 million. TaskUs also generated healthy cash flows this quarter, with cash from operations of $38.5 million and free cash flow of $28.7 million.
However, management noted that macro headwinds are still an issue for the business.
Source Fool.com
