Why DXC Technology Stock Tumbled Today

Shares of DXC Technology (NYSE: DXC) slumped on Friday after the IT services provider reported mixed fiscal fourth-quarter results, suspended its dividend, and booked a large goodwill impairment charge. The stock was down about 12.9% at 1:10 p.m. EDT.

DXC reported fourth-quarter revenue of $4.82 billion, down 8.8% year over year and $40 million below the average analyst estimate. Revenue in the global business services segment rose 5.3% to $2.31 billion, while revenue in the global infrastructure services segment tumbled 18.8% to $2.51 billion.

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Source Fool.com