What's Going On With Concentrix Stock After The Close?

Concentrix Corp CNXC shares are trading lower in Wednesday's after-hours session after the customer experience solutions company reported mixed quarterly results and announced a business combination with Webhelp.

Q1 Revenue: $1.64 billion beat estimates of $1.63 billion
Q1 EPS: $2.56 missed estimates of $2.59

Concentrix anticipates second-quarter revenue growth in the range of 3% to 5%. Operating income is expected to be between $167 million and $177 million.

Concentrix also entered into an agreement to combine with Webhelp in a transaction valued at $4.8 billion. The combined company is expected to have approximately $9.8 billion in estimated pro forma 2023 revenue. Concentrix said it would be uniquely positioned to grow faster than the market.

"As we embark on this new journey together, we will have the most impressive toolkit of high-value services and digital capabilities, and a complementary portfolio of approximately 2,000 amazing clients with a diversified and robust revenue stream," said Chris Caldwell, president and CEO of Concentrix.

CNXC Price Action: Concentrix shares were down 7.24% after hours at $112.95 at the time of publication, according to Benzinga Pro.

Photo: StartupStockPhotos from Pixabay.

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