dxc technology co investors were having their worst day in four years after the informationtechnology consultant missed fiscal firstquarter earnings expectations and slashed its fullyear outlook due to particular weakness in its cloud and outsourcing businesses “in the quarter we were impacted by slowdown in customer expenditures” said chief financial officer rob del bene on the postearnings conference call with analysts according to an alphasense transcript “this is mainly the resale of it equipment such as pcs networking gear and servers and project work” the stock dxc plummeted 294 in midday trading enough to pace the sp 500’s spx and new york stock exchange’s decliners it was headed for the lowest close since nov 6 2020 and the biggest oneday selloff since it plunged 305 on aug 9 2019 the company reported fiscal firstquarter revenue for the quarter to june 30 late wednesday that fell 7 to 345 billion to miss the factset consensus of 356 billion as global business services revenue declined 31 to 17 billion and global infrastructure services revenue slumped 106 to 174 billion within the gis business the cloud and it outsourcing businesses suffered the most weakness while the modern workplace business experienced “moderating” declines “in the quarter we were impacted by slowdown in customer expenditures” del bene said “this is mainly the resale of it equipment such as pcs networking gear and servers and project work” for the full fiscal year the company cut its revenue guidance range to 1388 billion to 1403 billion from the 144 billion to 1455 billion provided in may the fullyear warning follows similar outlook cuts from rival consultants accenture plc acn and infosys ltd infy  which cited broader macroeconomic weakness “the declines in resale and projects are consistent with what is taking place in the industry with the economic environment impacting spending” del bene said dxc also reported net income that fell to 36 million or 17 cents a share from 102 million or 43 cents a share in the same period a year ago excluding nonrecurring items adjusted earnings per share of 63 cents was well below the factset consensus of 82 cents “in the first quarter the revenue shortfall impacted profitability particularly since the revenue weakness was not evident until late in the quarter” del bene said for fiscal 2024 the guidance range for adjusted eps was lowered to 315 to 340 from 380 to 405 bmo capital analyst keith bachman followed by downgrading dxc’s stock to market perform while lowering his price target to 25 from 27 “in short we think a tough macro is a challenging time to continue a turnaround and we do not envision relief in the mediumterm” bachman wrote in a note to clients “more specifically while gbs is performing reasonably well gis continues to flounder” dxc’s stock has tumbled 278 year to date while shares of accenture have rallied 184 and shares of infosys have slipped 84 in comparison the sp 500 has advanced 173