Corcept Therapeutics (NASDAQ: CORT) saw its stock price plummet 7.17% in after-hours trading on Tuesday following the release of its third-quarter earnings report. The significant drop came as the company's revenue fell short of analyst expectations, overshadowing a better-than-expected earnings per share (EPS) result.
For the third quarter, Corcept reported revenue of $207.638 million, representing a 13.75% increase from the same period last year. However, this figure missed analyst estimates, which ranged from $218.526 million to $223.8 million. The company's EPS came in at $0.16, surpassing the consensus estimate of $0.14, but still showing a substantial 60.98% decrease from the $0.41 per share reported in the same quarter of the previous year.
Despite the revenue miss, Corcept maintained a positive outlook for the full year, projecting annual revenue between $800 million and $850 million. The company also reported a net income of $19.668 million for the quarter. However, the market's focus on the revenue shortfall appears to be the primary driver behind the stock's after-hours decline, as investors reassess the company's growth trajectory in light of the mixed earnings report.
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