Shares of Telus International Inc. TIXT-T were trading down almost 30 per cent at midday on the Toronto Stock Exchange after it slashed its growth guidance for the year.
The company, which Telus Corp. T-T spun off in 2021 but remains the controlling shareholder, says it expects revenue in the range of US$2.7-billion and US$2.73-billion and growth of between one and two per cent for the year, excluding its WillowTree acquisition.
It was only in May that the company reiterated its previous full-year guidance of revenue between US$2.97-billion to US$3.03-billion, representing growth of 10 to 12 per cent excluding its WillowTree acquisition.
Telus International blames the downward revision on “persistent global macroeconomic pressures” that have resulted in lower demand from some of its larger clients, especially in the technology sector.
Shares of Telus International were down $5.47, or about 28 per cent, at $13.80 just after noon on the Toronto Stock Exchange.
The company, which bought Willowtree for an enterprise value of US$1.2-billion at the start of the year, saw it shares hit a peak of just over $47 a share in October 2021.