Exela Technologies (NASDAQ:XELA) stock is slipping on Friday after the automation company released preliminary results for the fourth quarter of 2021.
The bad news for XELA stock today starts with the company’s earnings per share of-34 cents for the fourth quarter of the year. That’s going to miss Wall Street’s estimate of -9 cents per share for the quarter.
Exela also reported revenue of $294.3 million in the fourth quarter of 2021. That’s a drop from the $314.1 million reported during the same time last year. It’s also worse than the $296.15 million that analysts are expecting.
Ronald Cogburn, CEO of XELA, said the following in the earnings report hitting its stock today.
“We are pleased with our execution and meeting our latest revenue expectations for the full year 2021 while also producing higher gross profit dollars despite lower year-over-year revenue. As COVID-19 headwinds subside, we are pleased with higher renewal rates, expansion with existing customers, new wins and a healthy pipeline.”
However, holders of XELA stock aren’t signing such a merry tune. The company’s stock is already seeing a decent amount of trading today with some 22 million shares of the move. That quickly approaching its daily average trading volume of 38.3 million shares.
XELA stock is also down 22.1% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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