Mortgage Bets Bite Bear Stearns |
| Wall Street Journal - Dec 20, 2007 |
Bear Stearns Cos. posted its first quarterly loss in its 84-year history on higher-than-projected $1.9 billion in mortgage write-downs.
For the quarter ended Nov. 30, the brokerage house recorded a net loss of $854 million, or $6.90 a share, versus net income of $563 million, or $4 a share.
The company last month forecasted about $1.2 billion in write-downs, but that the figure could increase. The final write-down cut the bottom line by $8.21 a share.
The company reported negative revenue of $379 million as write-downs surpassed revenue. Net revenue a year ago was for $2.4 billion.
The mean estimates of analysts surveyed by Thomson Financial were for a net loss of $1.79 a share on net revenue of $625 million.
Read Full Article from Wall Street Journal
- Posted: 2007-12-20 09:21:12
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