Why Exela (XELA) Stock Is Down Today?

Exela Technologies (NASDAQ:XELA) stock is slipping on Friday after the automation company released preliminary results for the fourth quarter of 2021.

Image of a pen resting on a paper that reads "financial results" representing XELA stock.

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The bad news for XELA stock today starts with the company’s earnings per share of-34 cents for the fourth quarter of the year. That’s going to miss Wall Street’s estimate of -9 cents per share for the quarter.

Exela also reported revenue of $294.3 million in the fourth quarter of 2021. That’s a drop from the $314.1 million reported during the same time last year. It’s also worse than the $296.15 million that analysts are expecting.

Ronald Cogburn, CEO of XELA, said the following in the earnings report hitting its stock today.

“We are pleased with our execution and meeting our latest revenue expectations for the full year 2021 while also producing higher gross profit dollars despite lower year-over-year revenue. As COVID-19 headwinds subside, we are pleased with higher renewal rates, expansion with existing customers, new wins and a healthy pipeline.”

However, holders of XELA stock aren’t signing such a merry tune. The company’s stock is already seeing a decent amount of trading today with some 22 million shares of the move. That quickly approaching its daily average trading volume of 38.3 million shares.

XELA stock is also down 22.1% as of Friday morning.

Investors looking for more stock market news today are in luck!

We’ve got all the hottest stock coverage that traders need for Friday! Among that is why Rivian (NASDAQ:RIVN) stock is slipping, this morning’s biggest pre-market stock movers, as well as the latest JD.com (NASDAQ:JD) news. You can find all of that at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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