By Sabela Ojea

CNXC Concentrix reported a big jump in profit in its fiscal fourth quarter after seeing revenue grow, and said it expects a decline in revenue in the first quarter.

Shares fall 6.1% to $44.94 in post-market trading. Through Wednesday's close, the stock has dropped nearly 50% over the past 12 months.

The technology and services provider on Wednesday posted a net profit for the three months ended Nov. 30 of $115.7 million, or $1.72 a share, compared with $69.5 million, or $1.09 a share, for the same period a year earlier.

Stripping out one-time items, the company's earnings per share came in at $3.26. Analysts polled by FactSet had forecast adjusted earnings of $3.02.

Revenue rose 9.7% to $2.45 billion, slightly coming ahead the $2.44 billion anticipated by Wall Street.

"Strategically, we continue to execute our plan for growth and market expansion while delivering value to shareholders," Chief Executive Chris Caldwell said.

Regarding its outlook, the company said it forecasts first-quarter revenue of $2.36 billion to $2.37 billion, down from $2.40 billion last year and below the $2.41 billion expected by Wall Street.

It also sees first-quarter adjusted earnings of $2.49 to $2.64, missing the $2.85 per share expected by analysts.

For fiscal 2025, Concentrix guided for revenue of $9.47 billion to $9.61 billion and adjusted earnings in the range of $11.18 to $11.77. Wall Street expects full-year revenue of $9.61 billion and adjusted per-share earnings of $11.13.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

January 15, 2025 16:34 ET (21:34 GMT)

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