IBEX - Why Ibex Stock Is Plummeting Today
2023-09-14 15:17:49 ET
Ibex (NASDAQ: IBEX) stock is plummeting Thursday following weaker-than-expected quarterly results. The company's share price was down 25.6% as of 2:30 p.m. ET, according to data from S&P Global Market Intelligence .
After the market closed yesterday, Ibex published results for the fourth quarter of its recently concluded fiscal year, which ended June 30. The customer-experience-outsourcing specialist reported non-GAAP (adjusted) earnings per share of $0.33 on sales of $124.43 million, missing the average analyst earnings estimate by $0.16 and the average sales estimate by roughly $1.4 million.
Ibex's revenue increased just 0.7% year over year in the fiscal fourth quarter. Meanwhile, the company's net income fell to $4.5 million -- down from $6.4 million in the prior-year period. Adjusted net income came in at $6.2 million, slipping from $8.3 million in last year's quarter.
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Why Ibex Stock Is Plummeting Today