Concentrix reported a net loss of $988.1 million, or $(16.24) per diluted share, for its third quarter, driven primarily by a $1,050.0 million non-cash goodwill impairment charge. The customer experience solutions provider recorded an operating loss of $910.3 million, while adjusted results showed non-GAAP operating income of $309.0 million and non-GAAP earnings of $2.92 per share. Sales fell 1.2% year on year to $2.45 billion, coming in slightly below Wall Street estimates, as President and Chief Executive Officer Christopher Caldwell cited accelerating client artificial intelligence deployments and decisions by two hyperscale clients to reduce support for certain accounts. Chief Financial Officer Andre Valentine said client shifts toward offshore delivery created an approximate 3% revenue headwind, though adjusted free cash flow reached a third-quarter record of $218.3 million and non-GAAP operating margin expanded 30 basis points to 12.6%. Shares rose 4% in the morning session before cooling to $25.73, up 1% from the previous close.
Concentrix CorporationConcentrix posted a $988.1M net loss driven by a $1.05B non-cash goodwill impairment charge, with sales down 1.2% and missing estimates.
WT Microelectronics Co Ltd