Compass Stock Soars 35%
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Compass Stock Soars 35%
Compass stock shot up 35 percent on Wednesday following the company’s first quarter earnings call, during which executives revealed they beat revenue expectations and grew market share.
The share price jumped 98 cents to $3.78, more than twice its low of $1.84 but still well off its 52-week high of $6.88.
The ebullient response from investors came as executives work to make the brokerage cash-flow positive by the end of June after a year of downsizing that aims to save the company $550 million in annual operating expenses by the end of June.
“In the first quarter, our agents and employees delivered,” said CEO Robert Reffkin. “When the market improves in the future we will be well-positioned for generating significant long-term profits.”
Source: The Real Deal
