Information technology company Unisys told Wall Street this week that it expects its revenue to decline which led to a drop in shares of the company, writes Ryan Mulligan for the Philadelphia Business Journal.

Shares dropped more than 33% on Wednesday.

Unisys is projecting that its license and support business will have its lowest quarterly revenue for 2024 the first three months of the year.

CFO Deb McCann said that means about a 10% companywide decline in the first quarter revenue.

The last time the company’s stocks fell was in November 2022 when an internal investigation delayed the company from filing earnings with the federal regulators.

During 2023, Unisys reported net losses of $430.7 million, which included a $165.3 million loss in the fourth quarter alone.

Read more about Unisys and the Blue Bell information technology company’s financial picture at the Philadelphia Business Journal.

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