TWKS - Why Thoughtworks Stock Is Crashing Today
2024-02-27 14:08:57 ET
Thoughtworks (NASDAQ: TWKS) stock is plummeting Tuesday. The company's share price was up 31.9% as of 1:15 p.m. ET, according to data from S&P Global Market Intelligence .
Thoughtworks published fourth-quarter earnings results before the market opened this morning, posting sales and earnings performance that fell short of the market's expectations. In addition to missing Wall Street's revenue and profit targets for the period, the software and consulting specialist issued forward guidance that is spooking investors.
Thoughtworks reported non-GAAP (adjusted) earnings per share of $0.02 on sales of $252.4 million, while the average analyst estimate had called for per-share earnings of $0.03 on revenue of $257.4 million. Revenue dipped roughly 19% year over year in the quarter, and also came in 5% lower than the company's previous sales guidance. Management attributed the sales miss to supply constraints causing it to fall short of client demand as well as ongoing cautiousness from some clients.
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Why Thoughtworks Stock Is Crashing Today