Alcoa shares tumbled after hours on weaker-than-expected shipments for the precious metal this year. The US-based aluminum producer expects between 2.5 million and 2.6 million tons of shipments this year. That fell short of analyst consensus estimates to ship an average of 2.65 million tons of aluminum.
“The company also worked throughout the year to alleviate challenging market conditions, including high raw material and energy costs and lower sequential pricing in the Alumina and Aluminum segments in the fourth quarter,” the company’s quarterly statement read on Wednesday. .
The price of the lightweight metal fell about 15% in 2022. Alcoa posted revenue of $2.66 billion versus last quarter estimates of $2.67 billion, and a loss per share of 70 cents versus expectations of 71 cents.
To discover (DFS)
Discover Financial Service fell 6% after posting higher-than-expected net write-offs. The closely tracked statistic for the fourth quarter came in at $581 million versus estimates of $554.7 million. Discover expects net depreciation to increase between 3.5% and 3.9% in 2023, versus the 2.8% forecast.
The bank’s earnings per share for the fourth quarter came in at $3.77 versus estimates of $3.62.
Vroom shares rose after announcing that the company will lay off 275 employees, about 20% of the workforce or 275 employees, as part of cost-cutting measures. The cuts do not include United Auto Credit, a lender that acquired the used car dealership in 2021.
Vroom expects $4 million in cash charges due to severance payments. It expects to save $27 million as a result of the job cuts.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter @ines_ferre
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