Why TaskUs Stock Skyrocketed Today
Shares of work-outsourcing company TaskUs (NASDAQ: TASK) skyrocketed on Tuesday after reporting encouraging financial results for the third quarter of 2022. As of 11:30 a.m. ET, TaskUs stock was up an eye-popping 31%.
In Q3, TaskUs generated revenue of $232 million, an increase of 15.5% year over year. On a discouraging note, that's its slowest quarterly revenue growth rate as a public company. However, on the bright side, management had guided for revenue of $226 million at best, so its top line provided a nice surprise for investors.
TaskUs has clients in the cryptocurrency space, and those clients have pulled back their spending because of what's known as "crypto winter." However, the company was able to win new clients during the quarter to more than offset these losses and still provide surprising revenue growth on top.
Source Fool.com
