Why Mr. Cooper Group Stock Sank While the Market Soared on Wednesday
Mr. Cooper Group (NASDAQ: COOP) released its first-quarter earnings report before market open Wednesday, and this set the tone for its stock throughout the session.Since the company missed dramatically on both the top and bottom lines the shares ended up closing down by more than 1% in value. That compared most unfavorably to the almost 2% increase of the benchmark S&P 500 index.In Mr. Cooper's inaugural quarter of the year, revenue totaled $560 million, quite some distance down from the $654 million of Q1 2024. The decline was steeper on the bottom line, as the company eked out a generally accepted accounting principles (GAAP) net income figure of $88 million ($1.35 per share) against the year-ago profit of $204 million. Continue reading
Mr. Cooper Group (NASDAQ: COOP) released its first-quarter earnings report before market open Wednesday, and this set the tone for its stock throughout the session.
Since the company missed dramatically on both the top and bottom lines the shares ended up closing down by more than 1% in value. That compared most unfavorably to the almost 2% increase of the benchmark S&P 500 index.
In Mr. Cooper's inaugural quarter of the year, revenue totaled $560 million, quite some distance down from the $654 million of Q1 2024. The decline was steeper on the bottom line, as the company eked out a generally accepted accounting principles (GAAP) net income figure of $88 million ($1.35 per share) against the year-ago profit of $204 million.
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