DXC Technology Company (DXC) has reported a significant profit increase for its third quarter compared to last year, surpassing Wall Street's predictions.
The tech company posted earnings of $156 million, equivalent to $0.81 per share, showing a significant rise from last year's third quarter figures of $59 million or $0.25 per share. After accounting for certain expenses, DXC's adjusted earnings stood at $167 million or $0.87 per share for this period.
Analysts had anticipated average earnings per share of $0.77, according to data compiled by Thomson Reuters, suggesting DXC's performance exceeded expectations. It should be noted that typically, analysts' estimates do not take into account special items.
Despite exceeding profit expectations, DXC's revenue for the quarter declined by 4.8%, plummeting to $3.40 billion from $3.57 billion the previous year.
To present an overview of DXC Technology's third-quarter earnings as per GAAP, the earnings stood at $156 million compared to $59 million last year. Earnings per share (EPS) were recorded at $0.81, a noticeable increase from $0.25 last year. Revenue figures showed a drop, with this year's third quarter reporting $3.40 billion versus $3.57 billion last year.
Looking ahead at company projections, DXC Technology anticipates an EPS ranging from $0.80-$0.85 for the next quarter. Revenue is predicted to fall between $3,350-$3,390 million. Full-year EPS guidance is forecast between $3.00-$3.05 and full-year revenue is expected to be between $13,630-$13,670 million.
