Alcoa's stock drops 7% on earnings miss, lower revenue
Alcoa Corp.'s stock slid 7% in after-hours trading Wednesday after the bauxite, alumina and aluminum products company reported a third-quarter loss of $746 million, after reporting a $337 million profit in the same period a year earlier. Alcoa recorded a net loss of $4.17 per share. Losses, adjusted for non-recurring costs, came to 33 cents per share. The results missed Wall Street expectations for earnings of 8 cents per share, based on analysts estimated compiled by FactSet. Alcoa reported a decline in revenue to $2.85 billion from $3.1 billion a year ago, shy of FactSet analyst estimates of $2.955 billion. Shares of Alcoa are down 37% so far this year, while the S&P 500 index has declined 22% in 2022.
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