BUZZ-Australia's TechnologyOne set for biggest weekly slide in 3 years on profit miss
Reuters
Nov 21
BUZZ-Australia's TechnologyOne set for biggest weekly slide in 3 years on profit miss
** Shares of Australia's TechnologyOne TNE.AX slump 13.7% to A$29.64 so far this week, on track for their steepest weekly drop since late Nov 2022
** The enterprise software provider's annual profit after tax of A$137.6 million ($88.71 million) reported on Tuesday missed Visible Alpha consensus estimate of A$139.9 million
** Annual recurring revenue for FY increased nearly 18% to A$554.6 million, but fell below Visible Alpha consensus estimate of A$568.3 million
** Stock falls 3% on the day, taking YTD losses to 5.3%
($1 = 1.5511 Australian dollars)
(Reporting by Keshav Singh Chundawat in Bengaluru)
((Keshav.singhchundawat@thomsonreuters.com))
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