03:07 PM EDT, 09/26/2024 (MT Newswires) -- (Updates with latest stock movement in the first paragraph.)

Concentrix ( CNXC ) shares tumbled nearly 18% in recent trading Thursday, a day after reporting lower-than-expected earnings.

The company reported fiscal Q3 non-GAAP earnings late Wednesday of $2.87 per diluted share, up from $2.76 a year earlier.

Four analysts polled by Capital IQ expected $2.93.

Sales for the quarter ended Aug. 31 rose to $2.39 billion from $1.63 billion a year earlier.

Four analysts surveyed by Capital IQ expected $2.38 billion.

The company said it expects fiscal Q4 non-GAAP EPS of $2.90 to $3.16 on revenue of $2.42 billion to $2.47 billion. Analysts polled by Capital IQ expected EPS of $3.48 on revenue of $2.46 billion.

The company cut its full-year non-GAAP EPS guidance to $11.05 to $11.31 from $11.40 to $12.07. Revenue was projected at $9.59 billion to $9.64 billion versus the June 26 forecast of $9.58 billion to $9.68 billion. Analysts polled by Capital IQ expected EPS of $11.71 on revenue of $9.63 billion.

Concentrix ( CNXC ) said it repurchased 600,000 shares in Q3 for $39.1 million at an average price of $64.89 apiece.

The company raised its quarterly dividend to $0.33275 a share from $0.3025, payable Nov. 5 to shareholders of record Oct. 25.

Price: 52.07, Change: -11.56, Percent Change: -18.16