Why Conduent Stock Dropped 17% Today

Shares of business process outsourcing company Conduent (NASDAQ: CNDT) were down 16.8% today at 12:15 p.m. ET. The culprit? First-quarter 2022 earnings were in line with expectations and full-year outlook was reaffirmed, but some investors may have been hoping for a better report.

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Specifically, Conduent reported revenue of $967 million (down 6% year over year) and adjusted earnings per share of $0.10 (down 33% year over year) in Q1 2022. The company said the declines were primarily related to a reduction in government stimulus spending from a year ago.

Source Fool.com