Gold Miner Newmont Corp Stock Falls After Q3 Results: Details
Portfolio Pulse from Erica Kollmann
Newmont Corporation (NYSE:NEM) reported its Q3 results, beating revenue estimates with $4.605 billion. Despite this, shares fell 5% after-hours. The company produced 1.7 million gold ounces and expects higher Q4 production. Newmont is progressing on divestments and plans to reduce debt and repurchase shares.
October 23, 2024 | 9:32 pm
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Newmont Corporation reported Q3 earnings of 76 cents per share and revenue of $4.605 billion, beating estimates. Despite this, shares fell 5% after-hours. The company produced 1.7 million gold ounces and expects higher production in Q4. Newmont is making progress on divestments and plans to reduce debt and repurchase shares.
Despite beating revenue estimates, Newmont's stock fell 5% after-hours, indicating investor concerns possibly due to increased costs or other factors not detailed in the report. The company's positive outlook for Q4 and strategic divestments may not have been enough to offset these concerns in the short term.
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