10 Stocks Plummet on Wednesday

6. Parsons Corporation (NYSE:PSN)

Parsons Corporation (NYSE:PSN) retreated on Wednesday, losing 11.46 percent to finish at $65.08 apiece as investors sold off positions after disappointing earnings results.

In its earnings release, Parsons announced earnings per share of $0.78, lower by 14 percent than the $0.91 as expected by analysts.

PSN, however, posted robust earnings, with net income attributable to the company growing 20.7 percent to $54.18 million from $44.9 million recorded in the same period last year, with revenues increasing 16 percent to $1.7 billion from $1.49 billion year-on-year.

Revenues for the full year improved by 24 percent to $6.75 billion from $5.44 billion in 2023.

For this year, PSN expects revenues to settle between $7 billion to $7.5 billion.