Why The Carlyle Group Stock Tanked by Nearly 14% Today
Thursday wasn't an especially inspiring day for the stock market, but it was an exceptional downer for investors of The Carlyle Group (NASDAQ: CG). Shares of the storied financial services company dove by almost 14%, a far worse performance than the 0.7% dip of the S&P 500 index. The culprit was easy to identify.
Carlyle released its first-quarter figures before the trading session opened Thursday, revealing that it earned revenue of $859 million. That was a notable decline from the same period a year ago, when the finance company took in $1.58 billion. On the bright side, that result beat expectations: Analysts had been collectively modeling for revenue of less than $815 million.
The better-than-expected results did not, however, extend to the company's distributable earnings. These clocked in at a shade under $272 million ($0.63 per share), comparing unfavorably to both Q1 2022's nearly $303 million and the average analyst estimate of $0.68 per share.
Source Fool.com
