Stocks

Sotheby’s fourth-quarter earnings drop 18.5% on higher expenses

2015-03-02 22:59:14 GMT (Economies.com)

Sotheby’s said its fourth quarter profit dropped 18.5 percent on higher expenses, pushing its shares in Wall Street by 6.5 percent in early trading on Monday.

 

Net income in the last three months of 2014 fell to $73.9 million, compared to $90.8 million during the same period a year earlier. Analysts had projected a profit of $86.78 million.

 

The New York-based auction house faced a rising expenses by 14.4 percent to $222.2 million, while revenues surged 3.5 percent to $351.2 million.

 

By the close of New York equities, Sotheby’s shares lost 1.4 percent to $43.43.

 

It is worthwhile to mention that Sotheby’s shares have dropped 7.8 percent over the past 12 months, while fell 9 percent in 2014

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