Banco Santander (Brasil) SA shares tumbled 6.11% in pre-market trading on Wednesday, as investors reacted sharply to the lender's disappointing second-quarter earnings report.
The Brazilian bank reported adjusted earnings of 7 cents per share for the quarter ended June 30, which fell significantly short of the mean analyst estimate of 20 cents per share. This marks another consecutive quarterly earnings miss, following a similar shortfall in the first quarter. The bottom-line miss overshadowed a 12.6% rise in revenue to $4.10 billion, which did surpass the $3.63 billion consensus forecast.
The stock had gained 4.4% during the quarter before this report, but the persistent earnings weakness appears to have driven the sharp pre-market sell-off.
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