AGYS - Why Agilysys Stock Is Falling Hard Today
Shares of Agilysys (NASDAQ: AGYS) , a hospitality software and services company, were plummeting this morning after the company reported its first-quarter results. Agilysys beat analysts' consensus top- and bottom-line estimates, but investors may have been concerned that the company's earnings before interest, taxes, depreciation, and amortization ( EBITDA ) was flat and free cash flow sank year over year.
The tech stock was down by 10.7% as of 11:55 a.m. ET.
Agilysys reported sales of $47.5 million in the quarter -- an increase of nearly 23% year over year -- which beat Wall Street's consensus estimate of $45.6 million. That increase was due to a jump in recurring revenue, which reached $27.7 million in the quarter.
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Why Agilysys Stock Is Falling Hard Today