Shares of Burford Capital Ltd. (NYSE: BUR) plummeted over 26% in pre-market trading on Wednesday, following the release of the company's disappointing third-quarter 2024 earnings results.
The legal finance firm reported earnings per share of $0.61 for the quarter, significantly missing the consensus analyst estimate of $0.92 per share. Revenue for the period came in at $249.1 million, a 36.76% miss compared to the expected $393.9 million.
The substantial misses on both the top and bottom lines indicate a weaker-than-expected performance for Burford Capital in the third quarter. Such disappointing earnings results often trigger sell-offs from investors, as the company's financial performance fell short of market expectations.
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