By Elias Schisgall

Shares of Concentrix slid after the company cut its full-year outlook and projected third-quarter results behind Wall Street's expectations.

Shares were down 23% to $19.47 in after-hours trading on Monday. The stock closed up 0.9% at $25.23, down 39% this year.

The customer-experience solutions and technology company on Monday said it now expects full-year adjusted earnings of $10.83 to $11.18 a share, down from a previous range of $11.48 to $12.07 a share.

Concentrix forecast full-year revenue of between $9.93 billion and $10.03 billion, down from a range of $10.04 billion to $10.18 billion

Analysts polled by FactSet were expecting full-year adjusted earnings of $11.71 a share on $10.11 billion in revenue.

The outlook cut was driven by some customers reallocating their enterprise spending as they face financial pressure as well as by the acceleration of offshoring, executives said on an earnings call Monday. The company is now expecting a 300 basis-point headwind from offshore movement for the full year, up from a previous expectation of 200 basis points.

The combination of offshoring and customer pullback have created a roughly 2% additional headwind for the current third quarter, executives said.

"We are definitely seeing increased financial pressure on our clients as they try and cope with their own investment needs and their current operating environments," Chief Executive Officer Chris Caldwell said on the call. "This has created demand for more of our automation solutions, but also increased the urgency of moving work offshore and caused certain clients to prioritize spend across their client base, resulting in reduced spend overall."

For the third quarter, the company is forecasting adjusted earnings between $2.65 and $2.77 a share on revenue between $2.47 billion and $2.49 billion.

Analysts polled by FactSet are expecting $3.09 in adjusted earnings per share on revenue of $2.53 billion.

Concentrix on Monday reported a second-quarter profit of $55.3 million, or 86 cents a share, compared with $42.1 million, or 63 cents a share, a year earlier.

Stripping out certain one-time items, the company reported adjusted earnings of $2.63 a share. Analysts were expecting $2.64 a share.

Revenue rose to $2.46 billion from $2.42 billion a year prior. Analysts were expecting $2.47 billion in revenue.

Write to Elias Schisgall at [email protected]