Conduent (CNDT -0.99%) stock is getting hit hard in Wednesday's trading. The outsourcing services specialist's share price was down 19.7% as of 3 p.m. ET, according to data from S&P Global Market Intelligence.

Conduent published its third-quarter earnings report before the market opened this morning, and investors aren't happy with the results. The company posted a non-GAAP (adjusted) loss of $0.09 per share on revenue of $932 million. Sales were down roughly 4.6% year over year, and the bottom line swung to a loss after the adjusted profit of $0.09 per share in last year's quarter.

Macro pressures continue to weigh on Conduent

With its Q3 report, Conduent noted that macroeconomic conditions continued to impact its performance and near-term outlook. In the face of recent economic headwinds and uncertainty on the horizon, many businesses have taken a more cautious approach to spending. The company's commercial segment has been particularly hard hit, and it looks like headwinds could continue in the near future.

Is Conduent stock a buy?

For the full year, Conduent is guiding for adjusted sales to come in at between $3.7 billion and $3.72 billion -- down from the roughly $3.85 billion in revenue it recorded last year.

Meanwhile, it expects that its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin will decline from 10.2% to 10%. Adjusted free cash flow as a percentage of EBITDA is projected to be roughly 0% -- down from 1.5% last year.

CNDT PS Ratio (Forward) Chart

CNDT PS Ratio (Forward) data by YCharts

Valued at roughly 15% of expected sales, Conduent stock could be worth a closer look for risk-tolerant investors seeking potential rebound plays. While the company's near-term performance will likely continue to be constrained by macroeconomic pressures, the long-term outlook for outsourcing services remains promising. The stock is riskier than a quick look at its forward price-to-sales multiple might imply, but patient investors could see shares climb significantly above current levels.