TWKS - Why Thoughtworks Holding Stock Crushed the Market Today
2024-05-07 18:48:50 ET
There are few events more powerful for a publicly traded stock than an encouraging earnings report. That was the case Tuesday with Thoughtworks Holding (NASDAQ: TWKS) ; the IT consultancy delivered a first-quarter set of figures that surprised on the upside with certain elements of its guidance. For this, the company was rewarded with a nearly 20% gain in share price on the day, a far better figure than the marginal gain posted by the S&P 500 index.
That morning, Thoughtworks divulged that it earned just under $249 million in revenue for said quarter. This was 19% lower on a year-over-year basis, but analysts tracking the company were bracing for worse -- they collectively estimated a figure of slightly over $243 million.
As for the bottom-line result, Thoughtworks flipped to a non-GAAP net loss of $7.4 million, or $0.02 per share, from the year-ago profit of $10.1 million. This matched the consensus pundit forecast.
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Why Thoughtworks Holding Stock Crushed the Market Today