Stock Track | Prospect Capital Plunges Over 10% on Dismal Q1 Results and Distribution Cut

Stock Track11-08

Shares of Prospect Capital Corp (NASDAQ:PSEC) plummeted by 10.9% on Thursday, November 8, 2024, following the release of the company's fiscal first-quarter results. The steep decline in the stock price was primarily driven by Prospect Capital's disappointing financial performance and the announcement of a significant cut to its quarterly distribution.

For the quarter ended September 30, 2024, the business development company reported a net loss of $134 million, or $0.38 per share, a stark contrast from the net income of $0.23 per share in the same period last year. This substantial loss missed analysts' expectations and weighed heavily on investor sentiment.

Even when excluding investment costs, Prospect Capital's adjusted earnings of $0.21 per share fell short of market estimates, further exacerbating the negative sentiment. While the company's revenue of $196.3 million for the quarter exceeded some analysts' projections, it was still lower compared to the previous year's figure, indicating potential challenges in maintaining top-line growth.

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The steep decline in the stock ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PSEC","symbol_name":"普罗斯佩克特资本","start_time":0,"source_url":"","article_id":"1164936572","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1164936572","pubTimestamp":1731076706,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Prospect Capital Corp  plummeted by 10.9% on Thursday, November 8, 2024, following the release of the company's fiscal first-quarter results. 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