By Sabela Ojea
Resources Connection swung to a loss in the latest quarter, citing declining demand from on-demand clients.
The professional services firm on Thursday posted a net loss for the fiscal second quarter ended Nov. 23 of $68.7 million, or $2.08 a share, compared with a profit of $4.9 million, or 14 cents a share, for the same period a year earlier.
Analysts polled by FactSet had forecast a quarterly loss of 6 cents a share.
Stripping out one-time items, the company's earnings per share came in at 18 cents.
Revenue fell 11% to $145.6 million, beating the $137 million expected by analysts.
"Based on pipeline activities and client dialogue this quarter, we are cautiously optimistic the new calendar year will bring a stronger demand environment and are confident in our strategic vision as reflected by the Board's additional share repurchase authorization," Chief Executive Kate Duchene said.
The company's latest earnings come about a month after it said it is planning to slash jobs to save on costs and streamline its operations. The layoffs are expected to be completed by the third quarter of fiscal 2025.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 02, 2025 16:29 ET (21:29 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。