Telus International shares fall on lower guidance
VANCOUVER – The shares of Telus International Inc. traded nearly 30 percent lower on the Toronto Stock Exchange on the afternoon after it lowered its growth forecast for the year.
The company, which Telus Corp. spun off in 2021 but remains the controlling shareholder, says it expects revenue for the year between $2.7 billion and $2.73 billion and growth of between one and two percent, excluding the WillowTree acquisition.
It wasn’t until May that the company reiterated its previous full-year forecast of revenue between $2.97 billion and $3.03 billion, a 10 to 12 percent growth rate excluding the WillowTree acquisition.
Telus International blames the downward revision on “ongoing global macroeconomic pressures” that have led to lower demand from some of its larger customers, particularly in the technology sector.
Shares of Telus International fell $5.47, or about 28 percent, to $13.80 just after noon on the Toronto Stock Exchange.
The company, which bought Willowtree early in the year for an enterprise value of $1.2 billion, saw its shares peak at just over $47 per share in October 2021.
This report from The Canadian Press was first published on July 14, 2023.
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