LaBranche & Co. declines after missing Q2 income and revenue estimates
LaBranche & Co., Inc. (NYSE:LAB) is down 6% in morning trading after the New York City-based broker-dealer said early Friday that its second-quarter loss narrowed to $21.3 million, or $0.34 per share, versus a loss of $368.9 million, or $6 per share, a year earlier. On a pro forma basis, the firm earned $1.7 million, or $0.03 per share, which fell short of Wall Street’s expectation of earning $0.04 per share.
Quarterly revenue stumbled to $37.1 million, down 59% from $90.8 million a year ago. The revenue total widely missed Wall Street analysts’ estimate of $89 million in revenue.
In Friday morning trading, LAB is down 6.34%, or $0.50, to $7.39. For detailed price information and recent news stories about LaBranche & Co., click LAB.
About the Author
Reporter Will Atkinson is based in SmallCapInvestor.com's Washington, D.C. bureau.
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