Shares of Insight Enterprises Inc. (NSIT) plummeted as much as 5.83% in pre-market trading on Wednesday after the company reported weaker-than-expected financial results for the third quarter of 2024.
Insight Enterprises, a leading provider of information technology solutions to businesses and public sector organizations, announced earnings of $2.19 per share for the quarter, falling short of analysts' consensus estimate of $2.37. The company's revenue also missed projections, coming in at $2.088 billion compared to Wall Street's expectation of $2.337 billion.
The disappointing results fueled investor concerns about the company's ability to navigate the challenging macroeconomic environment and sustain its growth momentum. Analysts attributed the earnings miss to a combination of factors, including softening demand for IT services, supply chain disruptions, and rising operational costs.
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