Shares of UWM Holdings Corporation (NYSE:UWMC) plunged over 5% in early trading on Wednesday after the company reported disappointing third-quarter results that missed analysts' expectations.
For the quarter ended September 30, 2024, the mortgage lender reported adjusted earnings per share of just $0.01, missing the consensus estimate of $0.08 by a wide margin. Revenue also fell short, coming in at $526.43 million compared to the expected $584.52 million, reflecting a 22.25% year-over-year decline.
The significant earnings and revenue misses raised concerns among investors about UWM's profitability and growth prospects, leading to a sell-off in the stock. The company's shares have now fallen over 20% year-to-date amid challenging conditions in the housing and mortgage markets.
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