Shares of Insight Enterprises Inc. (NSIT) plunged over 6% in pre-market trading on Wednesday after the IT solutions provider reported weaker-than-expected financial results for the third quarter of 2024 and lowered its full-year earnings guidance.
For the third quarter, Insight Enterprises reported earnings of $2.19 per share, missing analysts' consensus estimate of $2.37 per share. The company's revenue of $2.088 billion also fell short of Wall Street's expectations of $2.337 billion.
The disappointing results fueled investor concerns about the company's ability to navigate the challenging macroeconomic environment, which has been marked by softening demand for IT services, supply chain disruptions, and rising operational costs, according to analysts.
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