CWK - Why Cushman & Wakefield Stock Got Rocked Today
2023-05-05 18:46:00 ET
Sturdy real estate company Cushman & Wakefield (NYSE: CWK) wasn't a very sturdy investment on Friday. The company's stock took a nasty hit, falling by nearly 11% a day after it published its latest set of quarterly results. That decline didn't mirror the generally good performance of many other stocks on the week's last day; the bellwether S&P 500 index gained nearly 2% as Cushman & Wakefield's shares dived.
Cushman & Wakefield's first-quarter figures were unveiled after market hours Thursday. These revealed that the company earned slightly under $2.25 billion in revenue; this was down 4% from its Q1 2022 take. More discouragingly, the real estate mainstay plunged into the red on the bottom line; its non- GAAP (adjusted) net loss was $9.4 million, or $0.04 per share, against the year-ago profit of $109 million.
Those headline numbers were quite some distance away from the average analyst estimates.
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Why Cushman & Wakefield Stock Got Rocked Today