BCS - Why Barclays Stock Jumped Today
2024-02-20 17:16:02 ET
Barclays (NYSE: BCS) stock made big gains Tuesday, ending the trading session up 11.7%, according to data from S&P Global Market Intelligence .
The British banking and financial services company announced its fourth-quarter results before the market opened, reporting earnings that fell short of Wall Street's target. It posted a net loss of roughly 111 million pounds (roughly $140.1 million) on sales of 5.6 billion pounds (roughly $7.07 billion). The average analyst estimate had called for it to post a profit of 60.95 million pounds (roughly $76.9 million), but the unexpected loss was primarily down to restructuring costs.
Barclays' revenue declined 3% year over year in the fourth quarter, falling short of Wall Street's target. The company closed out the year with a return on tangible equity of 10.6%.
For further details see:
Why Barclays Stock Jumped Today