Shares of Mr. Cooper Group Inc. (COOP) plummeted 5.13% on Tuesday after the mortgage services provider reported weaker-than-expected revenue for the third quarter of 2024. The stock closed at $89.96, down $4.86 from the previous close.
For the quarter ended September 30, 2024, Mr. Cooper Group posted earnings of $1.22 per diluted share, down from $4.06 a year earlier and missing analysts' average estimate of $2.33. Revenue came in at $424 million, a 26% decrease from a year ago and well below the consensus forecast of $536.7 million.
The disappointing top-line results overshadowed the company's better-than-expected earnings performance and triggered a sell-off in Mr. Cooper Group shares. Analysts attributed the revenue miss primarily to lower mortgage origination volumes as interest rates remained elevated in the quarter.
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