TaskUs profit falls as its biggest clients — Netflix, Zoom, Uber and Facebook parent Meta — cut back

was $9.5 million, down from $11.5 million a year ago. Revenue fell to $235.3 million from $239.6 million. Despite being down, both results beat analysts' expectations.

Revenue from the company’s top 20 clients declined by 8 percent in the past year, he said, “impacted by the transition of work offshore and our largest client and the declines in volume at our largest crypto and equity trading clients.”For the quarter through June, the company now anticipates revenue in the range of $226 million to $228 million. It expects full-year revenue in the range of $925 million to $950 million, down about 3 percent from previous forecasts.

“We’re using this cash to drive shareholder value,” Maddock said, adding that the company had repurchased more than 2.5 million shares since the start of the program in September. “We see repurchasing our stock as a very attractive use of capital.”“Our balance sheet is healthy and we generated strong free cash flow in the quarter,” he said in a statement.

The company last year said it had more than 4,000 employees in the U.S. with most in New Braunfels, San Antonio and Harlingen. It has declined to specify the numbers in each location.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Man steals work van, leads police on chase, crashes into 3 vehicles, New Braunfels police sayA 22-year-old San Antonio man was arrested Tuesday after he stole a work van, led police on a chase and crashed into three vehicles in New Braunfels, police said.
Source: ksatnews - 🏆 442. / 53 Read more »

Jeopardy's biggest stars return for new tournament and new formatHere's everything you need to know about the Jeopardy Masters' tournament.
Source: njdotcom - 🏆 282. / 63 Read more »

New York City public schools rolling out new reading programNew York City is changing the way it teaches reading, getting children hooked on phonics, after Schools Chancellor David Banks concluded public schools have been teaching reading the wrong way for decades.
Source: ABC7NY - 🏆 592. / 51 Read more »

US to propose new rules for airline cancellations, delays - New York Amsterdam NewsPresident Joe Biden said Monday his administration will write new regulations that will require airlines to compensate air travelers and cover their meals and hotel rooms if they are stranded for reasons within the airline’s control.
Source: NYAmNews - 🏆 269. / 63 Read more »

New Jersey lawmakers set to speak out against New York City's plan for congestion pricingCongressmen Bob Menendez​ and Josh Gottheimer are expected to hold a press conference at 10 a.m. in Jersey City.
Source: CBSNewYork - 🏆 268. / 63 Read more »

The Mrs. Davis Writers’ Room Was Built With New Voices and New Values“There’s a finite amount of microphones in this job,” says co-creator Damon Lindelof. “You have to put down the mic and let someone else pick it up.”
Source: NYMag - 🏆 111. / 63 Read more »