Why ePlus Stock Plunged 28% on Wednesday

Shares of enterprise IT company ePlus (NASDAQ: PLUS) fell as much as 28% in trading on Wednesday after reporting earnings for the fiscal third quarter of 2024. Shares closed the day down 13%.

Quarterly sales fell 18.4% to $509.1 million, and technology gross billings fell 11.3% to $797 million. Gross profit fell 3.3% to $133.8 million as margins improved from 22.2% a year ago to 26.3%.

Net income was down 23.6% to $27.3 million, and earnings per share fell a similar amount to $1.02. On a non-GAAP (generally accepted accounting principles) basis, earnings were $1.18 per share.

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Source Fool.com