Why Sotheby's Shares Plummeted 20.1% in May [The Motley Fool]
SOTHEBYS (BID)
Last sothebys earnings: 5/2 07:00 am
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Source: The Motley Fool
Why Sotheby's Shares Plummeted 20.1% in May Travis Hoium ( TMFFlushDraw Jun , 09 at :PM What happened Shares of Sotheby's NYSE:BID Global Market Intelligence So what Revenue for the quarter dropped % to $9. million and an adjusted net profit of $ million in the year-ago period swung to an adjusted loss of $.9 million, or $0. per share. Analysts were expecting a loss of $0. per share, but Sotheby's couldn't even live up to that. Image source: Getty Images. The first quarter is a seasonally weak quarter, so losing money isn't a big surprise. But investors feared that a % decline in auction sales and a 9% drop in private sales would continue throughout the year. Now what Results can be extremely lumpy in the auction market, but investors have been concerned for a while that auction spending has hit a peak and high-end consumers are going to slow their spending
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