Why SS&C Technologies Stock Plunged Today
Shares of SS&C Technologies (NASDAQ: SSNC) are down 16.2% as of 12 p.m. EDT Tuesday after the financial services software company announced strong second-quarter 2019 results, but followed by lowering its full-year 2019 outlook.
On the former, SS&C's adjusted quarterly revenue grew 27.2% year over year to $1.156 billion, translating to a nearly 50% increase in adjusted earnings per share to $0.91. Both the top and bottom lines were near the midpoints of SS&C's guidance ranges, which called for revenue of $1.138 billion to $1.168 billion and adjusted earnings of $0.87 to $0.94.
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