Stock Track | Concentrix Plunges 16.65% in Pre-Market After Q1 Adjusted EPS Misses Estimates
Stock Track
Mar 24
Shares of Concentrix Corp (CNXC) plummeted 16.65% in pre-market trading on Tuesday following the release of its first-quarter financial results.
The sharp decline came after the company reported first-quarter adjusted earnings per share of $2.61, which fell short of the IBES estimate of $2.65. While Concentrix posted revenue of $2,500.4 million, beating the estimate of $2,492 million, investors focused on the earnings miss.
The company's results were highly anticipated, as it was scheduled to report earnings this week. The pre-market selloff reflects investor disappointment with the adjusted EPS figure coming in below analyst expectations.
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