InnerWorkings collapses on slashed guidance, flurry of downgrades

|By:, SA News Editor

InnerWorkings (INWK -36.7%) shares shed more than a third of their value after the company missed on the bottom line in Q3 and slashed guidance.

With just 1 quarter remaining, management cut full-year guidance to revenue of $865M-$880M from $910M-$940M (consensus of $913.9M) and EPS of $0.16-$0.20 from $0.45-$0.50 ($0.45). The damage was attributed to weak customer results at acquired Production Graphics and a "slower ramping expected in Q4 of the larger new enterprise deals landed earlier in 2013."

Rubbing salt into the wound, William Blair, Craig-Hallum, and Barrington Research downgraded the stock to Hold/Perform.