Usually means: Not meeting expected standards, goals.
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We found 7 dictionaries that define the word underperforming:

General (6 matching dictionaries)
  1. underperforming: Merriam-Webster
  2. underperforming: Vocabulary.com
  3. Underperforming, underperforming: Wordnik
  4. underperforming: Wiktionary
  5. underperforming: Dictionary.com
  6. underperforming: TheFreeDictionary.com

Business (1 matching dictionary)
  1. underperforming: Financial dictionary

(Note: See underperform as well.)

Definitions from Wiktionary (underperforming)

adjective:  That performs less well than required.

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