AngloGold Ashanti Ltd. (AU) shares plummeted 8.33% in the pre-market session on Wednesday, following the release of the gold miner's fourth-quarter earnings results.
The South African mining company reported net income of $470 million, or $1.03 per share, for the fourth quarter. While this marked a significant improvement from the prior year's loss, the results fell short of analysts' expectations, triggering a sell-off in the company's stock.
Investors were further disappointed by the company's revenue of $1.75 billion, which was lower than anticipated due to ongoing challenges in the gold mining industry, including rising costs and geopolitical tensions in some of its key operating regions.
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