Why Navient Stock Got Pummeled on Wednesday
Wednesday was not a good day to be a Navient (NASDAQ: NAVI) shareholder. The student loan specialist's stock took a nearly 10% dive due to a fresh set of quarterly results that missed important marks.
For its third quarter, Navient's total revenue came in at $148 million, which was down notably from the $212 million in the same period of 2021. The company's "core," -- i.e., non-GAAP (adjusted) -- net income suffered a steeper fall, declining to $87 million ($0.75) from the year-ago quarter's $149 million.
The negative investor reaction to this was understandable, as analysts were expecting a much meatier top-line result. On average, they were modeling over $366 million in revenue. The miss was much narrower on the bottom line, as collectively those prognosticators had estimated $0.79 per share for net income.
Source Fool.com
