Report Socks PeopleSupport Stocks

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Shares in PeopleSupport Inc. fell 37 percent Friday after the company reported a dip in profits and projected that its first quarter earnings will miss analysts’ estimates.


The customer service and payroll outsourcing services company said it expects its first quarter profit to be between 10 and 12 cents per share, well short of Wall Street’s expectations of 15 cents, according to a poll by Thompson Financial.


The L.A. firm also reported fourth quarter net income of $4 million (18 cents per share), a 68 percent drop from $12.3 million (65 cents) for the same period a year earlier, which it blamed on rising costs in its Philippine market. Revenue for the company jumped 82 percent to $31 million.

Shares in PeopleSupport dipped $8.20 per shares, or 37 percent, to $14.26 in afternoon trading Friday on the Nasdaq.

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