Shares of Conduent (CNDT 0.21%) 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.
"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.