The value of Sykes Enterprises Inc. shares fell 24 percent Tuesday after the outsourcing company's second-quarter results missed forecasts by a wide margin.

After the market close Monday, Sykes reported net income of $2.5 million, or 5 cents per share, for the three months ended June 30. That's down from $14.3 million, or 35 cents per share, in the same quarter a year ago.

Stripping out one-time items, the company would have earned 14 cents per share compared with 41 cents. On average, analysts surveyed by Thomson Reuters expected 30 cents per share.

Revenue also disappointed, up 43 percent to $299.2 million but below the average forecast of $308.2 million.

Sykes, which is headquartered in Tampa, Fla., saw shares tumble $3.69, or 24.1 percent, to $11.61 in afternoon trading after sinking to a 52-week low of $10.85 earlier in the session.