TaskUs, Inc. (NASDAQ:TASK) shares were trading more than 4% lower intra-day today after the company reported its Q1 earrings results. While both EPS of $0.32 and revenues of $235.3 million came in better than the Street estimates of $0.27 and $232.35 million, respectively, the company cuts its full-year guidance. This was due to continued cost rationalization from key clients, increasing focus on pivoting to offshore work, and further lengthening of sales cycles.
2023 guidance now calls for revenue of $925–$950 million (previously $940– $990 million) and an adjusted EBITDA margin of 23.5% (previously 23%).