Conduent Shares Rise Despite Mixed Q3 Results, Lowers 2024 Outlook Amid Revenue Decline

Conduent Inc. (NASDAQ:CNDT) shares are trading higher after the company reported mixed third-quarter 2024 results.

Revenue for Q3 declined 13.4% year over year to $807 million, missing the consensus of $817.33 million.

Adjusted revenue declined 6% YoY to $781 million. The new business annual contract value (ACV) totaled $111 million. Total operating costs and expenses declined 47.95% YoY to $648 million.

Adjusted EBITDA declined 46.7% year over year to $32 million, with margin contracting 310 bps yearly to 4.1%. Adjusted EPS loss of 14 cents was down from 9 cents ...