By Sam Boughedda
TaskUs, Inc. (NASDAQ:TASK) shares plunged Tuesday after its full-year 2023 revenue expectations missed consensus expectations, disappointing investors.
The outsourcing company's earnings for the fourth quarter were in line with expectations, coming in at $0.33 per share, while revenue came in at $242.5 million, above the consensus estimate of $232.1M.
TaskUs shares are currently down 18% at just under $17 per share after initially falling as low as $14.83 per share.
In 2022, the company added 40 clients, with the number of clients with over $1M in revenue increasing by 19% and the number of clients with over $10M in revenue rising by 31%.
"We continued to diversify our revenue base this year, signing and expanding our relationships with some of the world's largest technology companies, as well as Fortune 500 firms and our core, digitally native clients," said TaskUs Co-Founder and CEO Bryce Maddock. "As companies increasingly shift their focus to efficiency, our clients are turning to us to help improve outcomes and drive down costs at scale.
He added that the company expects volumes will "continue to grow faster offshore than onshore," setting it up well for "healthy growth in the back half of 2023 and beyond."
However, the company's 2023 revenue guidance disappointed investors. FY23 revenue is seen from $940M to $990M, below the consensus of $999.7M.