Why Shares of UBS Group Are Falling Today
Shares of the Swiss bank UBS Group (NYSE: UBS) traded more than 9% lower as of 10:08 a.m. ET today after the bank reported disappointing earnings results for the second quarter of the year.
UBS reported a profit of $2.1 billion on total revenue of roughly $8.9 billion, both numbers that fell short of analyst estimates.
"The second quarter was one of the most challenging periods for investors in the last 10 years. Inflation continues to be high, the war in Ukraine is ongoing, as are strict Covid policies in parts of Asia," UBS CEO Ralph Hamers said in an earnings statement.
Source Fool.com
