Perficient (PRFT) Misses Q2 Earnings and Revenue Estimates

Core Insights - Perficient reported quarterly earnings of $0.92 per share, missing the Zacks Consensus Estimate of $0.94 per share, and down from $1 per share a year ago, representing an earnings surprise of -2.13% [1] - The company posted revenues of $222.82 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.34% and down from $231.11 million year-over-year [2] - Perficient shares have increased approximately 14.1% since the beginning of the year, outperforming the S&P 500's gain of 9% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.08 on revenues of $237.02 million, and for the current fiscal year, it is $3.98 on revenues of $924.3 million [7] - The estimate revisions trend for Perficient is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Computer - Services industry, to which Perficient belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor sentiment [5]