TaskUs Shares Are Surging Today: 'Results Driven By New Client Signings,' CEO Says
Portfolio Pulse from Shivani Kumaresan
TaskUs Inc (NASDAQ:TASK) shares surged after Q3 2023 earnings exceeded expectations. Sales declined 2.8% YoY to $225.63 million, beating the analyst consensus of $220.78 million. Operating expenses fell 4.1% to $202.7 million, and operating income increased 10.6% to $22.9 million. Adjusted EBITDA declined 4.6% YoY to $52.9 million. The company held $114.6 million in cash and equivalents, and repurchased 4.5 million shares in Q3. The surge was attributed to new client signings and higher-than-expected volumes from existing clients.
November 07, 2023 | 3:58 pm
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TaskUs shares surged after better-than-expected Q3 2023 earnings, driven by new client signings and higher volumes from existing clients. The company also repurchased 4.5 million shares in Q3.
TaskUs reported better-than-expected Q3 2023 earnings, which led to a surge in its share price. The company's performance was driven by new client signings and higher volumes from existing clients, indicating strong business momentum. Additionally, the company repurchased 4.5 million shares in Q3, which could have contributed to the share price increase by reducing the supply of shares in the market.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100