Why Americas Gold and Silver Stock Plunged 20% at the Open Today
Shares of miner Americas Gold and Silver (NYSEMKT: USAS) fell quickly and deeply this morning, dropping by as much as 20% in the first half-hour of trading. The news precipitating the steep declines was the company's first-quarter 2021 earnings release. Obviously, investors weren't pleased.
The gold and silver miner reported revenue of $10.2 million in the quarter, but a net loss of $91.8 million, or $0.72 per share. This at a time when prices of precious metals are at elevated levels, which is clearly not a good thing. Even after taking out one-time items, the company bled $0.10 of red ink per share. This alone would be enough to put investors on edge, but the really important facts here are found in the one-time items that the "adjusted" loss removes.
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Source Fool.com
