Why Parsons Stock Is Down Today

Shares of Parsons (NYSE: PSN) fell as much as 11% on Wednesday after the provider of government services reported weaker than expected earnings and issued a tepid outlook for 2021. The pandemic is slowing business for many defense services companies, and Parsons is part of that trend.

Before markets opened, Parsons reported fourth-quarter earnings of $0.21 per share on revenue of $964.26 million, falling short of analyst expectations for $0.34 per share in earnings on sales of $1.04 billion. Revenue was down about 7% from a year prior.

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Source Fool.com