HSBC Stock Lower on Earnings Results
NEW YORK (TheStreet) -- HSBC (HSBC) - Get Report stock is slumping by 0.41% to $38.91 in early morning trading on Monday, following the company's 2015 third quarter earnings results.
The company reported a 32% increase in profit year over year, with pretax profit up to $6.1 billion from $4.65 billion in the 2014 third quarter. Analysts had forecast for profit of $5.2 billion, according to Reuters.
Adjusted profit was lower by 14% to $5.5 billion, due to fines that decreased by $1.4 billion as well as other one-time costs, Reuters notes.
HSBC reported earnings of 25 cents per share, up from earnings of 17 cents per share in the year ago period.
Revenue declined by 4.4% from the year ago period, to $15.1 billion in the most recent quarter, as stock markets weakened and China's growth slowed.
"HSBC's reassuring dullness shines through," Ian Gordon, an analyst at Investec told Bloomberg. "Revenue weakness was concentrated in retail banking and wealth management and the investment bank, but strong cost and impairment performances delivered a resilient result which, in a challenging quarter for U.K. banks, offers modest encouragement."
HSBC is a banking and financial services company based in London.
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