Shares of Banco Santander (Brasil) SA fell 5.07% in pre-market trading on Wednesday, after the company reported second-quarter earnings that fell significantly short of analyst expectations.
The Brazilian bank posted adjusted earnings of 7 cents per share for the quarter ended June 30, well below the mean analyst estimate of 20 cents per share, and lower than the 9 cents per share reported in the same period last year. This marks another consecutive quarterly miss for the lender, following a similar shortfall in the first quarter.
While revenue rose 12.6% to $4.10 billion, surpassing the $3.63 billion consensus, the sharp earnings miss appears to have overshadowed the top-line beat, driving the pre-market sell-off. The stock had gained 4.4% during the quarter prior to this report.
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