CNDT - Why Conduent Stock Is Plummeting Today
2023-11-01 15:47:44 ET
Conduent (NASDAQ: CNDT) stock is getting hit hard in Wednesday's trading. The outsourcing services specialist's share price was down 19.7% as of 3 p.m. ET, according to data from S&P Global Market Intelligence .
Conduent published its third-quarter earnings report before the market opened this morning, and investors aren't happy with the results. The company posted a non-GAAP (adjusted) loss of $0.09 per share on revenue of $932 million. Sales were down roughly 4.6% year over year, and the bottom line swung to a loss after the adjusted profit of $0.09 per share in last year's quarter.
With its Q3 report, Conduent noted that macroeconomic conditions continued to impact its performance and near-term outlook. In the face of recent economic headwinds and uncertainty on the horizon, many businesses have taken a more cautious approach to spending. The company's commercial segment has been particularly hard hit, and it looks like headwinds could continue in the near future.
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Why Conduent Stock Is Plummeting Today