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Concentrix Q3 Earnings Miss Sparks 13% Stock Plunge Despite Revenue Beat
Concentrix Q3 Earnings Miss Sparks 13% Stock Plunge Despite Revenue Beat
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BTCCSquare news:
Concentrix Corporation shares tumbled 13.3% to $47.66 after reporting mixed third-quarter results. While revenue climbed 4% year-over-year to $2.48 billion, surpassing analyst expectations, adjusted earnings of $2.78 per share fell short of estimates by 3.1%. The company's lowered full-year EPS guidance to $11.17 midpoint further dampened investor sentiment.
Despite posting GAAP net income of $88.11 million - a significant improvement from $16.63 million in the prior-year period - the earnings miss overshadowed these gains. The stock's 5.1% annual decline contrasts sharply with its 12.2% year-to-date advance, reflecting mounting concerns about profitability in a challenging macroeconomic environment.
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