KeyCorp result: KEY inventory drops by 6% compared to Q1 result

<p>KeyCorp (NYSE: KEY) earnings for the first quarter of 2020 have KEY stock diving lower on Thursday. It comes after reporting earnings per share (EPS) of 12 cents, which misses Wall Street‘s estimate of 18 cents. The financial services company’s revenue of $ 1.47 billion is also below analysts’ estimates of $ 1.56 billion.

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Here are some additional highlights from the latest KeyCorp results report.

Earnings per share decreased by 68.42% from 38 cents during the first quarter of 2019. Revenue for the quarter is 3.29% lower than $ 1.52 billion from the same period last year. KeyCorp’s earnings report also includes a net profit of $ 146 million. This is a decrease of 64.3% compared to the company’s net profit of $ 407 million from the same period the year before.

Beth Mooney, Chairman and CEO of KeyCorp, said this about the KEY stock performance report.

“Keys’ results reflect the extraordinary events that have developed as a result of COVID-19 and the efforts to limit its spread. At Key, we stand with those we serve and as leaders, we focus on showing the strength and resilience that will lead our company and our country through this challenging period. ”

KeyCorp’s earnings report does not include its outlook for 2020. Still, we know what Wall Street expects. That includes earnings per share of $ 1.01 on revenue of $ 6.36 billion for the year.

The KEY share fell 6.45% as of Thursday afternoon.

At the time of writing, William White had no position in any of the above securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/04/keycorp-earnings-drop-key-stock/.

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