HSBC shares plunge after profit misses forecast
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
London
HSBC Holdings plc dropped the most in 18 months in London trading after reporting fourth-quarter profit that missed estimates on a surprise drop in revenue.
The bank said it will boost cost-cutting measures and extend a stock buyback. Adjusted pretax profit, which excludes one-time items, jumped 39 percent to US$2.62 billion, Europe's largest bank said in a statement on Tuesday. That missed the US$3.78 billion average estimate of six analysts compiled by Bloomberg News.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
20 photos that show how dramatically Singapore has changed in two decades
Singapore’s key exports up 15.3% in March from electronics surge, exceeding forecasts
