Here's Why TaskUs Stock Got Hammered Today

Shares of work-outsourcing company TaskUs (NASDAQ: TASK) got hammered on Tuesday after the company reported financial results for the second quarter of 2022. Q2 results weren't the problem. Rather, its outlook for the remainder of the year spooked the market. And that's why TaskUs stock was down 21% as of 10:20 a.m. ET.

In Q2, TaskUs generated revenue of nearly $247 million, up roughly 37% from the same quarter of 2021. For perspective, management had guided for revenue of $243.5 million at best.

After reporting first-quarter results, TaskUs management guided for full-year 2022 revenue of $980 million to $1 billion. However, with its Q2 report, management now only expects full-year revenue of $930 million to $950 million. In other words, even though Q2 results were better than expected, second-half demand is falling off more than management anticipated just three months ago. This understandably has investors nervous.

Source Fool.com