New CEO Rodolphe Belmer has vowed a quick turnaround for Atos after a new profit warning from the French solutions provider sent its stock to its lowest level since 2012
Atos Stock Plummets After U.S. Accounting Errors Disclosed
‘Atos is committed to the highest standards, and the group is strongly enhancing its preventive controls and processes through a comprehensive action plan,’ Atos says in a statement. By Donna Goodison April 01, 2021, 01:51 PM EDT
French solution provider Atos took a big stock hit today after disclosing that auditors discovered accounting errors at two of its U.S. subsidiaries.
Shares of the Bezons, France-based company fell the most in almost 2.5 years, dropping more than 21.6 percent to a low of 52.14 euros on the Paris Euronext Market before closing at 58.26 euros, down 12.4 percent.
The accounting errors were tied to the U.S.-based Atos IT Solutions and Services and Atos IT Outsourcing Services, which represent 11 percent of Atos’ 2020 revenue for the year ended Dec. 31, 2020, and 9 percent of its operating margin.