Evercore Tumbles 10% After Q2 Earnings Miss Despite Record Revenue
EVR sits 15% above its 52-week low of $265.87 on elevated volume (2.1× avg).
Summary
Evercore shares plunged nearly 10% after adjusted EPS of $2.91 missed the $3.03 consensus, overshadowing record Q2 revenue of $998.5M. Net income slipped to $95.3M from $97.2M a year ago as expenses rose sharply—interest expense doubled and professional fees climbed. The selloff reverses the initial positive reaction to the earlier revenue beat report this morning, as traders now focus on the bottom-line miss and margin pressure. With the stock now down 9.8% year-to-date, the market is repricing the growth story against rising costs.
At the time of this announcement, EVR was trading at $306.80 on NYSE in the Finance sector, with a market capitalization of approximately $11.9B. The 52-week trading range was $265.87 to $388.71. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.