Concentrix Corp (NASDAQ:CNXC) stock plunges 10.03% (As on Mar 30, 11:32:43 AM UTC-4, Source: Google Finance) though the company posted higher than expected results for the first quarter of FY 22. The company reported Non-GAAP operating income was $201.9 million, or 13.1% of revenue, compared with $176.6 million, or 13.1% of revenue, in the prior year first quarter. Adjusted EBITDA was $237.9 million, or 15.5% of revenue, compared with $212.6 million, or 15.7% of revenue, in the prior year first quarter. The company generated cash flow from operations of $45.0 million in the quarter. Free cash flow for the quarter was $(0.4) million.

Meanwhile, the integration of PK into the Concentrix Catalyst team is on track, and the company is seeing strong demand from strategic client partners for the unique mix of CX digital solutions. After this acquisition, the company expects to Accelerate the revenue growth and further expands our addressable market. There will be cross-sell opportunities and revenue synergies, EPS will immediately accretive and value creating to the shareholders, there is unique combination of the best of digital CX solutions and services and margin expansion possibilities on both sides

CNXC in the first quarter of FY 22 has reported the adjusted earnings per share of $2.85, beating the analysts’ estimates for the adjusted earnings per share of $2.71. The company had reported the adjusted revenue growth of 13.5 percent to $1.54 billion in the first quarter of FY 22, beating the analysts’ estimates for revenue of $1.53 billion.

Additionally, Concentrix paid a $0.25 per share quarterly dividend on February 8, 2022. The Company’s Board of Directors has declared a quarterly dividend of $0.25 per share payable on May 10, 2022, to shareholders of record at the close of business on April 29, 2022. •Concentrix did not purchase shares in the first quarter under its previously announced share repurchase program. At February 28, 2022, the Company’s remaining share repurchase authorization was $474.9 million.

For Q2, the company expects revenue of $1.57 billion to $1.60 billion and non-GAAP operating income to be in the range of $205 million to $220 million, compared with the market consensus of $1.60 billion for revenue.

For the full year 2022, it projects revenue of $6.45 billion to $6.60 billion and non-GAAP operating income to be in the range of $890 million to $930 million, against the Street revenue estimate of $6.52 billion.