Shares of McEwen Mining (MUX) plummeted 10.11% during Thursday's trading session following the release of its disappointing third-quarter financial results. The significant drop in stock price reflects investors' concerns about the company's performance falling short of expectations.
McEwen Mining reported a quarterly loss of $0.01 per share, missing the analyst consensus estimate of $0.29 by a staggering 103.45%. While this represents a 75% improvement from the $0.04 per share loss reported in the same period last year, it still fell far short of market expectations. The company's quarterly sales also disappointed, coming in at $50.5 million, which missed the analyst consensus estimate of $65.128 million by 22.46%.
Comparing year-over-year performance, McEwen Mining's sales decreased by 3.35% from $52.25 million in the same quarter of the previous year. The combination of missed earnings estimates and declining sales has clearly shaken investor confidence, leading to the sharp decline in the company's stock price during the trading session.
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