IBEX - Why IBEX Limited Stock Fell Today
2024-02-09 19:46:00 ET
Shares of IBEX Limited (NASDAQ: IBEX) fell 9.2% on Friday after the global business-process outsourcing company announced weaker-than-expected quarterly results.
For its fiscal second-quarter 2024 ended Dec. 31, 2023, IBEX's revenue declined 4.8% year over year to $132.6 million, translating to adjusted ( non-GAAP ) net income of $8 million, or $0.44 per share -- well below estimates for earnings of $0.50 per share. .
IBEX did win eight new clients during the quarter, compared to seven in last year's fiscal Q2, bringing its first-half new-client wins to 12. But CEO Bob Dechant noted that the company's top and bottom lines were impacted by soft volumes with several existing clients.
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Why IBEX Limited Stock Fell Today