DXC Technology Tanks Over 30% after Q1 Earnings
Marketrealist.com - Sat 10 Aug 22:59 GMT

DXC Technology (DXC) was pummeled in early trading after it announced its Q1 results after the market closed on August 8. DXC’s revenue fell 7.4% YoY.

  The company announced its first quarter of fiscal 2020 (year ending in March) results after the market closed on August 8.

  DXC reported revenue of $4.89 billion in the first quarter, a fall of 7.4% year-over-year.

  In the first quarter of fiscal 2019, the company posted sales of $5.28 billion and EPS of $1.93.

  Analysts expected the firm to post revenue of $4.89 billion and EPS of $1.70 in the first quarter of fiscal 2020.

  Analysts expected DXC to post revenue of $20.82 billion and earnings of $8.20 in fiscal 2020.

  DXC had earlier forecast fiscal 2020 revenue of $20.7 billion–$21.2 billion, and its estimated earnings of $7.75–$8.50.

  Although its sales growth is far from encouraging, analysts expect earnings growth to pick up in 2021, and the company’s EPS could increase 16.0% next fiscal year.