Thoughtworks Holding, Inc. (NASDAQ:TWKS) reported worse-than-expected second-quarter financial results and issued third-quarter guidance below estimates.
Thoughtworks posted adjusted earnings of 3 cents per share, missing market estimates of 4 cents per share. The company’s sales came in at $287.21 million, versus expectations of $301.50 million.
Thoughtworks said it sees third-quarter revenue of $275 million to $285 million, versus estimates of $326.93 million. The company expects adjusted earnings of 2 cents to 3 cents per share, versus expectations of 12 cents per share.
Thoughtworks shares dipped 25.8% to close at $5.21 on Tuesday and lost 0.2% in today’s pre-market trading session.
These analysts made changes to their price targets on Thoughtworks following earnings announcement.
- RBC Capital cut the price target on Thoughtworks from $10 to $6. RBC Capital analyst Daniel Perlin downgraded the stock from Outperform to Sector Perform.
- Citigroup slashed the price target on Thoughtworks from $7 to $5. Citigroup analyst Ashwin Shirvaikar maintained a Neutral rating.
- Piper Sandler analyst Arvind Ramnani, on Tuesday, lowered the price target on the stock from $7 to $6.
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