Braskem SA's stock plummeted 7.40% during intraday trading on Friday, extending losses from earlier in the session.
The sharp decline follows the release of the company's latest quarterly earnings, which revealed a significant revenue miss and a substantial net loss. For the quarter ended September 30, Braskem reported revenue of $2.98 billion, falling short of analyst expectations of $3.19 billion and representing a 9.1% decline year-over-year. The company also reported a quarterly loss of $1.75 billion.
Further negative sentiment was driven by the company's fourth-quarter results, which showed a net loss attributable to shareholders that widened to 10.28 billion Brazilian reais ($1.95 billion) from 5.65 billion reais a year earlier. Gross revenue for the quarter also decreased to 18.30 billion reais from 22.44 billion reais in the prior year period.
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