By Sabela Ojea
Shares of ePlus on Wednesday dropped a day after the company reported a deeper-than-expected decline in sales in the latest quarter, citing slower demand within its technology business and extended sales cycle timelines.
At 12:52 p.m. EST, shares were down 16% to $65.66, on track for the largest percent decrease since March 18, 2020, when it fell 19%.
The provider of technology and financing solutions posted a fiscal third-quarter profit for the three months ended Dec. 31 of $27.3 million, or $1.02 a share, compared with $35.7 million, or $1.34 a share, for the same period a year earlier.
Stripping out one-time items, the company’s earnings per share came in at $1.18.
Revenue declined 18% to $509.1 million, largely missing analysts expectations of $595.1 million, according to FactSet.
Write to Sabela Ojea at sabela.ojea@wsj.com
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