T. Rowe Price Group Earnings: Here’s Why Investors are Dumping Shares Now
T. Rowe Price Group, Inc. (NASDAQ:TROW) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 3%.
T. Rowe Price Group, Inc. Earnings Cheat Sheet
Results: Net income increased 23.14% to $232 million (88 cents per diluted share) in the quarter versus a net gain of $188.4 million in the year-earlier quarter.
Revenue: Rose 14.43% to $783.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: T. Rowe Price Group, Inc. reported adjusted net income of 88 cents per share. By that measure, the company missed the mean analyst estimate of $0.89. It missed the average revenue estimate of $799.41 million.