DAVA - Why Endava Stock Is Down Today
Tech consulting company Endava (NYSE: DAVA) reported quarterly results that met expectations, but it forecasted weaker-than-expected results in the quarters to come. Investors were not pleased, sending shares of Endava down as much as 15% in Tuesday trading.
Endava is a United Kingdom-based consulting firm that specializes in helping large corporate clients keep pace with tech advancements. It is a lucrative niche, helping the company to post market-beating returns since its 2018 initial public offering .
The company's fiscal second quarter came with few surprises. Endava earned 0.57 pounds per share in the quarter on revenue of 205.2 million pounds. Those figures matched analyst expectations, and represented growth of 23% and 30%, respectively. Revenue grew by 23.4% on a constant-currency basis, adjusting for the strong U.S. dollar.
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Why Endava Stock Is Down Today