Why Compass Stock Was Sliding Today
Shares of Compass (NYSE: COMP), one of the nation's largest real estate brokerages, were falling today after the company missed estimates in its second-quarter earnings report and issued weak guidance for the rest of the year.
As of 10:48 a.m. ET, the stock was down 15.1%.
In a challenging environment in the residential real estate industry, Compass, which bills itself as a tech-forward real estate disruptor, posted revenue growth of just 4% to $2.02 billion -- just short of estimates at $2.12 billion. Transactions increased 2%, and gross transaction value was flat at $76.8 billion. The company gained 50 basis points in market share over the past year to reach 4.6%.
Source Fool.com
