Why Luxoft Holding, Inc. Stock Plunged Today

Shares of Luxoft Holding Inc. (NYSE: LXFT) are plummeting today, down 28.2% as of 11:15 a.m. EDT, after the software engineering company posted disappointing fiscal first-quarter 2018 results. Luxoft's quarterly revenue climbed 17.5% year over year to $209.2 million, while adjusted net income per share fell 19.4% to $0.50.

Luxoft doesn't provide quarterly financial guidance, but investors expected the company to post significantly higher adjusted earnings of $0.75 per share on revenue of $213.5 million.

To blame, according to Luxoft CEO Dmitry Loschinin, was a combination of an expected deceleration from Luxoft's top two accounts, seasonal weakness, a slowdown in the financial services segment (where revenue declined 6.7% to $113.5 million), and slower growth amid the restructuring of two large M&A-centric clients.

Source: Fool.com