Concentrix Corp Up 3.21% To $64.23 After Earnings Miss

Concentrix Corp (CNXC) missed earnings estimates for Q1 2024 this afternoon.

Concentrix Corp's earnings came in at an EPS of $2.57 per share, 0% lower than estimates for an EPS of $2.58 per share. The firm's earnings are up 0% since reporting $2.56 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Consensus estimates for Concentrix Corp revenue averaged out to $2.4 billion, with the business managing to beat those expectations with reported first-quarter revenue of $2.4 billion. The $22.7 million (1%) positive revenue surprise led to 47% growth year-over-year as the firm reported revenue of $1.6 billion in its year-ago quarter. The lower earnings growth compared to revenue points to Concentrix Corp not being able to improve its profit margin.

The stock is up 3.21% to $64.23 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Concentrix Corp a Bullish Sentiment Rank from InvestorsObserver.

Concentrix Corp has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 3, putting Concentrix Corp in the bottom 25% of stocks. The firm was recently trading at a 52-week low of $59.23 on March 18, 2024 and set a 52-week high on March 30, 2023 at $125.8.

Concentrix Corporation is a global provider of Customer Experience (CX) solutions and technology. The Company provides end-to-end capabilities, including CX process optimization, technology innovation, front- and back-office automation, analytics and business transformation services to clients. It offers its clients integrated solutions supporting the customer lifecycle; CX and user experience (UX) strategy and design, and analytics and actionable insights. Its Customer Lifecycle Management solutions include services, such as customer care, sales support, digital marketing, technical support, digital self-service, content moderation, creative design and content production, and back-office services. The Companyâ¿¿s CX/UX Strategy and Design solutions include CX strategy, data-driven user design, journey mapping and multi-platform engineering. Its Digital Transformation solutions include services, such as Robotic Process Automation (RPA) and cognitive automation.