TTEC Holdings Inc Reports Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
TTEC Holdings, Inc. Reports Q2 2024 Financial Results
TTEC Holdings, Inc. has released its earnings report for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Current Quarter | Previous Quarter | Year-over-Year | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $534.1M | $599.5M | Down 11% | $552.53M |
| Earnings Per Share (EPS) | $(2.07) | $0.43 | NA | $0.29 |
The company's total revenue of $534.1 million decreased by 11% year-over-year and was below the Wall Street consensus estimate of $552.53 million. Additionally, the earnings per share (EPS) came in at a loss of $(2.07), which significantly missed the consensus estimate of $0.29.
The declining revenue and negative EPS are indicative of the challenging macroeconomic environment, client contract adjustments, and project delays that impacted the company more severely than anticipated.
Revenue Performance by Segment
| Segment | Current Revenue | Previous Revenue | Year-over-Year |
|---|---|---|---|
| TTEC Digital | $116.4M | $117.6M | Down 1.0% |
| TTEC Engage | $417.7M | $482.2M | Down 13.5% |
The TTEC Engage segment saw a notable 13.5% decrease in revenue year-over-year due to the loss of a significant client and slower demand from enterprise clients. However, TTEC Digital only experienced a modest 1.0% decrease, which indicates solid demand for recurring revenue in an otherwise turbulent environment.
Additional Data
| Metric | Current Value |
|---|---|
| Stock Price Change (After Event) | -3.18% |
TTEC's stock price declined by 3.18% following the release of the earnings report.
Commentary from Management
While there were no direct comments from the company's officers provided in the report, the financial results suggest that the executive team might be reassessing their strategic priorities given the significant earnings miss and decline in revenue.
Dividends and Share Repurchase Program
There was no specific mention of any newly announced dividends or changes to the share repurchase program in the provided release.
Forward Guidance
Forward guidance information was not explicitly provided in the earnings release, leaving investors uncertain about the company's expectations for upcoming quarters.
In conclusion, TTEC Holdings, Inc. experienced a considerably challenging second quarter of 2024, with substantial declines in revenue and a significant earnings miss impacting its stock performance. The company may need to adopt more rigorous strategies to align with investor expectations and stabilize its financial performance in the future.
