5 Oversold Tech Stocks To Buy

2. TELUS International (Cda) Inc. (NYSE:TIXT)

14-day RSI as of August 2: 17.50

TELUS International (Cda) Inc. (NYSE:TIXT) is a Canadian tech company and a subsidiary of TELUS Corporation (NYSE:TU). The company provides digital IT services, software services, and business process outsourcing. The company operates in 31 countries. TELUS International (Cda) Inc. (NYSE:TIXT) is based in Vancouver, Canada but has delivery centers across North and Central America, Europe, Africa, and Asia.

TELUS International (Cda) Inc. (NYSE:TIXT) will announce its Q2 financial report on August 4 but released its preliminary view on July 14. The company’s revenue is expected to be in the range of $660 million to $668 million, representing a growth of 6% to 7% on a constant currency basis. The company also expects a severe decline in income at a net loss of $7 million to $10 million, registering a decline of 113% to 118%. The company’s CEO, Jeff Puritt said that TELUS International (Cda) Inc. (NYSE:TIXT) experienced unexpected reductions in service demand from some of the larger clients. The CFO Vanessa Kanu added:

“The magnitude of the headwinds we’re experiencing and our preview of second-quarter performance data prompted a revision to the full-year outlook for 2023 to better reflect our updated expectations for the remainder of the year. We’ve actioned significant cost efficiency programs, including staff reductions to address lower service volumes in the technology vertical. Additionally, we are driving further automation and generative AI-enabled solutions to further optimize our cost structure. The benefits of these efficiency programs will help mitigate the near-term challenges we are facing. Moreover, we do see meaningful opportunities as it relates to digital transformation, generative AI adoption, and the continuing critical importance of differentiated digital customer experience solutions in the market that we believe will be a tailwind for TELUS International’s long-term growth and profitability.”