WNS - Why WNS Holdings Stock Plunged Today
2023-10-19 16:36:53 ET
Shares of WNS Holdings (NYSE: WNS) were down 18.1% as of 3:30 p.m. EDT Thursday after the business process management (BPM) solutions company announced solid fiscal second-quarter results but followed by reducing its full-year guidance.
On the former, WNS's adjusted ( non-GAAP , which, in this case, subtracts payments to repair centers for "fault" repair cases) quarterly revenue climbed 12.3% year over year to $325 million, translating to adjusted net income of $54.1 million, or $1.09 per share. On average, analysts were expecting adjusted earnings of $1.03 per share on slightly lower revenue.
WNS credited its revenue growth to a combination of new clients, expanded existing client relationships, acquisitions, and favorable currency exchange. Collectively, these tailwinds offset volume reductions at some clients, as well as the ramp-down of a large healthcare process in recent quarters.
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Why WNS Holdings Stock Plunged Today