Why Gold Fields Stock Tumbled 8% Today
Shares of South African gold mining stock Gold Fields (NYSE: GFI) slid 8% through 1:50 p.m. ET Friday after the company reported disappointing earnings results for the first half of 2024.
That's not my word -- "disappointing." It's how CEO Mike Fraser himself described a first half in which gold production dropped 20%, leading to a 16% decline in net income to $0.43 per diluted share.
Gold retails for more than $2,500 an ounce today, up 31% from one year ago. You'd think would be good news for gold miners -- and it is. Unfortunately for Gold Fields, it hasn't been able to capitalize upon this price spike.
Source Fool.com
