UPDATE: Cowen Swings To Q4 Loss
Cowen Group Inc (NASDAQ: COWN) reported a wider-than-expected fourth-quarter loss.
Cowen posted a quarterly net loss from continuing operations of $52.9 million, or $0.49 per share, versus a year-ago net income of $10.3 million, or $0.06 per share. Its revenue declined 29% to $49.5 million.
Analysts were expecting a loss of $0.19 per share on revenue of $92.63 million. Cowen's expenses climbed 17% to $125.4 million.
Cowen shares closed at $2.88 yesterday.
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