Shares of Conduent (NASDAQ: CNDT) were falling today after the company reported its fourth-quarter 2020 results yesterday. Despite the company beating Wall Steet's consensus earnings and revenue estimates, some investors sold off their shares.
The tech stock fell by as much as 17.6% and was down 12.5% as of 1:49 p.m. EST.
Conduent reported adjusted earnings per share of $0.20, which was up 11% from the year-ago quarter and beat analysts' consensus earnings estimate of $0.19. The company's sales of $1.05 billion were down 4% year over year, but still beat Wall Street's estimate of $1.03 billion for the quarter.
Image source: Getty Images.
"Despite a challenging macro environment, the team delivered on our financial commitments, met our clients' needs and strengthened the operational foundation of our business. We continue to focus on improving growth, quality and efficiency by leveraging improvements across our people, processes and technology environments," Conduent CEO Cliff Skelton said in a statement.
Conduent's management issued revenue guidance for the full year 2021 in the range of $4 billion to $4.15 billion. Investors were likely disappointed with that range, considering that full-year 2020 sales were $4.16 billion. With today's massive share price drop, Conduent's stock is up just 13.4% over the past 12 months.
10 stocks we like better than Conduent Incorporated
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Conduent Incorporated wasn't one of them! That's right -- they think these 10 stocks are even better buys.
*Stock Advisor returns as of November 20, 2020
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.