News29 Sept 2022 · 2 min read

Concentrix Grows Revenue, But Trouble Might Be Brewing Ahead

Concentrix reported a 13.1 percent growth in revenue year on year, even as other competitors in the industry struggled recently amid record inflation and dec...

Zac Wang

Concentrix Leveraging Flexible Cloud Migration for Improved CX

Concentrix reported a 13.1 percent growth in revenue year on year, even as other competitors in the industry struggled recently amid record inflation and declining consumer confidence.

The company closed significant new business in the quarter, including “two very large deals” that came onboard for its Catalyst product.

"We executed well in the third quarter, delivering solid revenue growth and profit improvements even in the uncertain macro environment,” said Chris Caldwell, Concentrix President and CEO.

“During the quarter, we welcomed ServiceSource's world-class B2B sales team that hit the ground running and are integrating quickly. This acquisition continues to build out our differentiated offerings making us a go-to partner for Designing, Building and Running the Future of CX,” added Caldwell.

We continue to see opportunities in the marketplace that we believe will allow us to achieve our long-term financial objectives.

Caldwell also highlighted that Concentrix was no slouch when it came to acquiring new business, having onboarded a Fortune 100 company in its “largest deal ever.”

The CEO said that while the company didn’t notice a lengthening in sales cycles, bigger deals did seem to take longer than usual.

Even amid market turmoil, Concentrix executives still sounded upbeat for the rest of the year, estimating that its full year revenue will grow by about nine percent year on year.

But Concentrix also raised dividends by ten percent, a move that is likely to raise a few eyebrows. That’s because there are a few reasons why a company might choose to pay out money to investors rather than reinvesting it in its operations.

Indeed, while the company grew its revenue year on year, like the rest of the CX industry it is heading headfirst into a global recession, which is likely to dent profits in the short term. This means the company is keen to reassure the public that it is, in fact, so financially sound that it can afford to give out money.

Another reason is that Concentrix might not be seeing much in terms of growth opportunities ahead, thus choosing to make investors happy by handing out money.

Elsewhere, Concentrix acquired PK in January this year, the customer experience engineering firm, to accelerate the digital transformation initiatives of its clients.

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