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AUSTIN, Texas - Shares of Perficient Inc. sank Thursday after the information technology consulting company predicted third-quarter revenue below Wall Street expectations.
| PRFT | 4.34 |  -0.41 |
The stock plunged $2.41, or 23.5 percent, to $7.83 in afternoon trading. The stock has ranged from $6.43 to $25.19 over the past year.
The Austin, Texas-based company said net income for its second quarter was flat from the year-ago period at $4 million, or 13 cents per share. Excluding one-time items, the company posted earnings per share of 20 cents.
The result matched the average estimate of analysts polled by Thomson Financial.
Revenue rose to $59.1 million from $52.6 million. Analysts expected revenue of $59.3 million.
Perficient predicted third-quarter revenue of $56.3 million to $60.6 million, less than the $61.2 million analysts expect.
Roth Capital Partners analyst Tim Brown said the modest third-quarter guidance suggests "that while the business is stable, it also appears that an acceleration of organic growth is likely several quarters off."
He has a "Buy" rating and $14 price target on the shares.
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