UWM Holdings Corporation (UWMC) stock experienced a significant plummet in the pre-market trading session on Wednesday, tumbling 9.88% after the company reported disappointing financial results for the fourth quarter of 2024.
The mortgage lender's Q4 sales came in at $560.2 million, missing the analyst consensus estimate of $625.08 million by approximately 10%. Additionally, UWM Holdings' adjusted net income for the quarter was only $33.04 million, significantly lower than the estimated $101.1 million.
The company's weaker-than-expected revenue and earnings figures were the primary factors driving the sharp decline in its stock price. UWM Holdings reported an earnings per share (EPS) of $0.02 for Q4, falling short of the FactSet estimate of $0.11.
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