What They Did
Concentrix was the world's second-largest BPO company (after merging with Webhelp), providing customer experience outsourcing for major global brands.
How LLMs Killed Them
The same AI-driven fears that hit Teleperformance struck Concentrix. Disappointing revenue results amplified concerns that AI chatbots would systematically replace outsourced human customer service agents across the industry.
Timeline
- February 2024: Stock dropped 11% on the same day Teleperformance crashed.
- Late 2024: Shares plunged 12%+ after disappointing Q3 results.
- Year-to-date 2024: Stock down 36.55%.
- Revenue growth slowed to ~2%.
By the Numbers
- Stock down 36.55% year-to-date 2024
- Revenue growth slowed to ~2%
- Attempting to integrate AI into services rather than be replaced