Stock Track | First Foundation Stock Plunges Despite Beating Q3 Estimates

Stock Track

2024-10-29

Shares of First Foundation (NYSE: FFWM) plummeted by 5.28% on Monday, October 29th, 2024, despite the company reporting better-than-expected earnings and revenue for the third quarter of 2024.

The California-based bank holding company announced that its adjusted earnings per share (EPS) for Q3 2024 came in at $0.04, beating the analyst consensus estimate of a loss of $0.54 per share. However, this figure represented a 20% decline compared to the same period last year.

First Foundation's revenue for the quarter also exceeded expectations, reaching $61.019 million and surpassing the analyst consensus estimate of $60.675 million. Nevertheless, the company's revenue fell by 4.32% year-over-year, indicating a slowdown in its top-line growth.

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