SIVB - Why Shares of SVB Financial Group Are Plunging Today
SVB Financial Group (NASDAQ: SIVB) tanked in early trading Friday after it reported its third-quarter earnings results. Shares of the company, the parent of Silicon Valley Bank, were down by 18.8% as of 10:48 a.m. ET.
SVB reported earnings per common share of $7.21 on total revenue of nearly $1.56 billion, both numbers that missed analysts' consensus estimates.
The bank caters heavily to start-ups and tech industry participants such as venture capital and private equity firms, and its business has struggled as tech valuations have plummeted and financial activity in the space has declined. SVB stock is down close to 64% this year.
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Why Shares of SVB Financial Group Are Plunging Today