Why Business Services Provider Conduent's Shares Are Plummeting Today
Portfolio Pulse from Lekha Gupta
Conduent Inc's Q3 FY23 results show a 4.6% Y/Y decline in revenues to $932 million, beating the analyst consensus of $915 million. Adjusted EBITDA fell 12.4% Y/Y to $92 million, and adjusted EPS loss of $(0.09) missed the street view of $0.02. The company also reported a new business TCV pipeline increase of 13% Q/Q. In Q3 2023, Conduent transferred its BenefitWallet HSA portfolio, expecting a pre-tax gain of around $425 million in H1 2024. The company revised its FY23 adjusted revenue guidance to $3.70 billion-$3.72 billion. CNDT shares are down 15.2% to $2.70.
November 01, 2023 | 4:32 pm
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Conduent's Q3 FY23 results show a decline in revenues and missed EPS, leading to a drop in its share price. The company's revised FY23 revenue guidance could further impact the stock.
Conduent's Q3 FY23 results show a decline in revenues and a missed EPS, which are negative indicators for the company's financial health. This has led to a drop in its share price. The company's revised FY23 revenue guidance, which is lower than the previous guidance, could further negatively impact the stock as it indicates potential future revenue decline.
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RELEVANCE 100