Ibex Limited, a customer engagement technology provider based in Washington, experienced a decline in its stock value as its revenue growth came in lower than expected. After-hours trading saw the stock drop by 12%, settling at $16, following a decrease of 2.2% at the close of trading on Wednesday. Overall, shares have seen a 27% decline over the course of this year.
For the fiscal fourth quarter, Ibex reported a 0.7% increase in revenue, reaching $124.4 million. Unfortunately, this fell short of analysts’ forecasts of $125.9 million as reported by FactSet. Ibex attributed this underperformance to reduced onshore revenue and challenging macroeconomic conditions.
In the three months that ended on June 30, Ibex’s profit amounted to $4.51 million or 24 cents per share. This is a decrease from the $6.42 million or 35 cents per share recorded during the same period last year.
After adjusting for certain one-time items, the earnings per share stood at 33 cents, falling short of the projected 49 cents predicted by analysts according to FactSet. It should be noted that Ibex stated that the absence of a one-time deferred tax benefit had a negative impact on the results.