Why Concentrix Stock Ended Up Moving Higher Today
Although rather deep in the red early on in today's action, this tech stock is now well up after investors opted to see the glass as half-full rather than half-empty.
Overview
If you want proof that investors are capable of jumping to the wrong conclusion, look no further than today's price action from shares of technology outfit Concentrix (NASDAQ: CNXC). Down as much as 8.6% from Tuesday's close early on in today's trading session, as of 2:38 p.m. ET this tech stock is up 3%.
What happened? The market was fully prepared to price in the company's fiscal Q3 revenue shortfall reported after Tuesday's close. With a bit more time to think about the context of the sales miss, however, investors turned their focus to the fact that Concentrix beat analysts' earnings estimates for its third fiscal quarter.
Details
Concentrix turned $2.45 billion in sales into an adjusted per-share profit of $2.92 for the three months ending in August. Although earnings were up 5% from the year-earlier comparison of $2.78 and easily topped estimates of $2.71, revenue fell 1.2% year-over-year, also falling short of analysts' expectations for a top line of just under $2.48 billion.
Source
Originally published at www.fool.com.