SQM - Lithium Giant SQM Stock Drops Despite Earnings Increasing Nearly 10 Times
Sociedad Quimica y Minera de Chile (NYSE: SQM) , or SQM, stock fell 10% on Thursday, following the lithium giant's release of second-quarter 2022 results on the prior evening. (Shares are down 3.9% on Friday as of 1:51 p.m. ET, though this decline is probably largely attributable to market dynamics, as major indexes are solidly in the red.)
While the overall report was very strong, earnings fell short of the Wall Street consensus estimate. Had SQM stock's performance been less spectacular this year, it probably wouldn't have suffered as steep a loss following the earnings release. Going into the report on Wednesday evening, shares had more than doubled in 2022, so investors had mighty high expectations.
Despite the post-earnings release pullback, SQM stock has returned 92% so far in 2022 through Thursday.
For further details see:
Lithium Giant SQM Stock Drops Despite Earnings Increasing Nearly 10 Times