Why Newmont Shares Are Sliding Today
Portfolio Pulse from Lekha Gupta
Newmont Corp (NYSE:NEM) reported a 12% Y/Y decline in Q2 2023 revenues to $2.68 billion, missing the consensus of $3.88 billion due to lower gold and silver sales volumes. Gold production declined 17% Y/Y, and costs rose. Adjusted EPS of $0.33 significantly missed the consensus of $0.58. The company reiterated its 2023 outlook and declared a dividend of $0.40 per share. NEM shares are trading lower by 4.01% premarket.
July 20, 2023 | 1:28 pm
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NEGATIVE IMPACT
Newmont Corp's Q2 2023 revenues and EPS missed consensus, leading to a premarket drop in share price.
Newmont Corp's lower than expected Q2 2023 revenues and EPS, due to lower gold and silver sales volumes, have negatively impacted investor sentiment, leading to a premarket drop in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100