Why Is Business Services Provider Conduent Stock Diving Today?
Portfolio Pulse from Akanksha Bakshi
Conduent Inc. (NASDAQ:CNDT) reported a 9.5% YoY revenue decline for Q2 2024, beating consensus estimates. Despite a beat on adjusted EPS loss, the company saw significant declines in adjusted EBITDA and operating cash flow. Conduent repurchased 43.3 million shares, including 38 million from Carl Icahn. The company revised its 2024 outlook downward, leading to a 9.52% drop in stock price.
August 07, 2024 | 3:55 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Conduent Inc. reported a 9.5% YoY revenue decline for Q2 2024, beating consensus estimates. Despite a beat on adjusted EPS loss, the company saw significant declines in adjusted EBITDA and operating cash flow. The company revised its 2024 outlook downward, leading to a 9.52% drop in stock price.
The significant decline in revenue, adjusted EBITDA, and operating cash flow, along with a downward revision of the 2024 outlook, has led to a negative market reaction, causing a 9.52% drop in CNDT's stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100