Shares of Exela Technologies Inc. on Monday dropped after the process automation company reported a nearly tripled loss in its latest quarter amid lower contracted revenue and staffing shortages.
Shares fell 4.9% to 3 cents a share in after-hours trading. Its stock price has plunged over 50% ever since the year started.
The company reported a fourth-quarter loss of $194.1 million compared with a loss of $70.6 million for the same period a year earlier.
Revenue fell 9.3% to $267.0 million, missing analysts’ expectations of $283.4 million, according to FactSet.
The drop in revenue was mainly driven by the company’s information and transaction division, which saw revenue decline by 15% in the period, “primarily due to a network outage impacting contracted revenues, currency translation and staffing shortages.”
“Internally, we are focusing on continuing to improve the balance sheet and lowering our cost of capital, even as rates are driven higher by central banks,” Chairman Par Chadha said.