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Bankrate Inc. (NYSE:RATE) stock is taking an agonizing plummet in trading Tuesday. The downward spiral began after the company released its preliminary fiscal third-quarter warnings on Monday.
In the report, Bankrate slashed its expected revenues and earnings per share for the quarter, providing figures far below analysts’ predictions. Bankrate says it now anticipates revenue of $115.5 million to $117.5 million, compared to the originally forecast $132.7 million.
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Third-quarter earnings per share are now expected to be 11 cents to 13 cents per share, significantly lower than last year’s same-quarter earnings of 18 cents per share, and falling short of the analysts’ projected mark of 20 cents per share.
The bad news sent Bankrate’s stock tumbling in after-hours trading yesterday. Shares are most recently down 25 percent to $10.80 per share. As a point of reference, Bankrate’s official all-time low stock price was $13.38 per share in August 2011.
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