Why did TTEC's operating profit plummet in Q2 2024?

TTEC's operating profit declined significantly in Q2 2024 due to a combination of factors:

1. **Revenue Decline**: Although TTEC's revenue for Q2 2024 was $534.09 million, which was slightly higher than the estimated $557.60 million, it represented a decrease of 8.9% year-over-year. This decline in revenue, despite exceeding estimates, indicates a challenging demand environment that impacted profitability.
2. **Net Income and Diluted EPS**: The company reported a net income of -$296.77 million and a diluted EPS of -$6.29 for Q2 2024. These negative figures suggest that TTEC not only experienced a decline in operating income but also incurred significant losses during the quarter.

|code|Ticker|Name|Date|Total Revenue YoY|Total Revenue|market_code|
|---|---|---|---|---|---|---|
|TTEC|TTEC.O|TTEC Holdings|2023 Q3|1.7727988549302645|6.02956E8|185|
|TTEC|TTEC.O|TTEC Holdings|2023 Q4|-4.875903493660734|6.26181E8|185|
|TTEC|TTEC.O|TTEC Holdings|2024 Q1|-8.945089580379165|5.76638E8|185|
|TTEC|TTEC.O|TTEC Holdings|2024 Q2|-11.044247610735617|5.34085E8|185|

|code|Ticker|Name|Date|Diluted EPS YoY|Diluted EPS|market_code|
|---|---|---|---|---|---|---|
|TTEC|TTEC.O|TTEC Holdings|2023 Q3|-106.38297872340425|-0.03|185|
|TTEC|TTEC.O|TTEC Holdings|2024 Q1|-112.82051282051282|-0.05|185|
|TTEC|TTEC.O|TTEC Holdings|2024 Q2|-21066.666666666668|-6.29|185|

|code|Ticker|Name|Date|Net Income YoY|Net Income|market_code|
|---|---|---|---|---|---|---|
|TTEC|TTEC.O|TTEC Holdings|2023 Q3|-92.82030781531081|1796000|185|
|TTEC|TTEC.O|TTEC Holdings|2023 Q4|-132.1174168297456|-8206000|185|
|TTEC|TTEC.O|TTEC Holdings|2024 Q1|-97.6095998470144|500000|185|
|TTEC|TTEC.O|TTEC Holdings|2024 Q2|-7999.0684056428|-2.96768E8|185|

3. **Challenging Demand Environment**: TTEC has been navigating a challenging demand environment, which has affected its financial performance. Despite meeting its initial quarter objectives in Q1 2024 by diversifying its client base and enhancing technological capabilities, the situation in Q2 2024 was more daunting, leading to a further deterioration of financial metrics.

In summary, TTEC's operating profit plummeted in Q2 2024 due to a combination of revenue decline, negative net income, and a challenging demand environment.