DXC Technology tumbles as investors fret over latest restructuring plan

Figurines with computers and smartphones are seen in front of DXC logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Shares of DXC Technology slumped 18% on Friday, after the IT services provider unveiled a new revamp and forecast fiscal 2025 revenue and profit below estimates.

The latest attempt comes as a sale bid failed last year and exits of top executives and a slowdown due to high interest rates hampered efforts to pivot away from its declining legacy business of IT outsourcing services to cloud-based solutions.