AGYS - Why Agilysys Stock Dived 12% Today
2023-05-17 18:15:35 ET
Agilysys (NASDAQ: AGYS) had a Wednesday to forget on the stock exchange. Shares of the tech company that serves the hospitality industry sank by almost 12% following its release of fresh quarterly earnings figures. That was on a generally good day for the market that saw the bellwether S&P 500 index climb more than 1%.
For its fiscal fourth quarter of 2023, Agilysys booked net revenue of $52.9 million. This was a new quarterly record for the specialty tech company , and it represented a nearly 14% improvement over the same period of 2022.
On the bottom line, the company's net income under generally accepted accounting principles ( GAAP ) landed at $12.7 million, well up from the $4.6 million of the year-ago quarter. On a non-GAAP (adjusted) basis, net income was $0.26 per share.
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Why Agilysys Stock Dived 12% Today