Concentrix shares spiked on Thursday morning in spite of the company reporting third quarter fiscal 2023 earnings that missed Wall Street expectations on both the top and bottom lines.
It reported a 3.4% jump in revenue year-over-year for the three months ended August 31, 2023, to $1.63 billion.
Analysts, however, had been expecting it to report revenue of $1.71 billion for 3Q, according to Zacks Consensus Estimate.
Earnings per share (EPS) were down 8.1% year-over-year to $2.71, compared to the Street estimate of $3.47.
The company’s 4Q outlook, however, sent Concentrix’s stock higher following its 3Q results.
Shares of the customer experience solutions provider added 11.1% at US$82.17 late morning.
For 4Q, it forecast revenue in the range of $2.190 billion to $2.215 billion and adjusted EPS in the range of $3.03 to $3.15.
This compares to 4Q fiscal 2022 revenue of $1.64 billion and adjusted EPS of $3.01.
The company also raised its quarterly dividend by 10% to $0.3025 per share payable on November 7, 2023, to shareholders of record at the close of business on October 27, 2023.
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