Why Shares of DXC Technology Crashed Today
Shares of DXC Technology (NYSE: DXC) plunged on Friday after the IT services provider reported its fiscal first-quarter results. The company beat analyst estimates for both revenue and earnings, but it slashed its full-year guidance. As of 11:40 a.m. EDT, the stock was down about 32.5%.
DXC reported first-quarter revenue of $4.89 billion, down 7.4% year over year and $30 million higher than the average analyst estimate. Revenue from the global business services segment fell 2.4% to $2.16 billion, while revenue from the global infrastructure services segment tumbled 11% to $2.73 billion. Currency negatively impacted revenue in both segments.
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Source Fool.com
