Shares of Concentrix Corporation (CNXC) tanked over 23% on Tuesday after the company reported a sharp decline in first-quarter earnings.
The stock is currently trading at $25.30, down $7.75 or 23.47%, on the Nasdaq. It opened at $28.87 after closing the previous session at $33.04. The stock has traded between $24.28 and $66.00 over the past 52 weeks.
Concentrix reported first-quarter net income of $21.58 million, or $0.33 per share, compared with $70.25 million, or $1.04 per share, in the same period last year. Adjusted earnings came in at $2.61 per share, slightly below $2.79 per share a year ago.
Revenue increased to $2.500 billion from $2.372 billion, with constant currency growth of 1.9%.
Looking ahead, the company expects second-quarter adjusted earnings per share of $2.57 to $2.69 on revenue of $2.460 billion to $2.485 billion.
For fiscal 2026, Concentrix maintained its outlook, projecting adjusted earnings per share of $11.48 to $12.07 and revenue between $10.035 billion and $10.180 billion.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.