So much for a 40% increase in revenues helping a company's stock.
Shares of Sykes Enterprises Inc. plummeted in value today, touching lows that have not been seen since 2005. After consistently trading above $15 for several days, Sykes shares momentarily fell below $11 following the company's latest earnings release.
The acquisition of ICT Group in late 2009 helped boost Sykes' most recent revenue numbers, which the company published this week. But net income for the second quarter fell more than 80% compared to 2009's total. Read the Business Review's analysis of Sykes' most recent earnings here.
Sykes Enterprises Inc. (symbol: SYKE) specializes in business process outsourcing. The company is headquartered in Tampa, and was featured in an April issue of the Business Review.