Envestnet: Q1 Earnings Snapshot

BERWYN, Pa. (AP) — BERWYN, Pa. (AP) — Envestnet Inc. (ENV) on Thursday reported a loss of $41.2 million in its first quarter.

The Berwyn, Pennsylvania-based company said it had a loss of 76 cents per share. Earnings, adjusted for amortization costs and pretax expenses, came to 46 cents per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.

The financial services firm posted revenue of $298.7 million in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $301 million.

For the current quarter ending in June, Envestnet expects its per-share earnings to range from 45 cents to 46 cents.

The company said it expects revenue in the range of $312 million to $315 million for the fiscal second quarter.

Envestnet expects full-year earnings in the range of $2.11 to $2.19 per share, with revenue ranging from $1.26 billion to $1.27 billion.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ENV at https://www.zacks.com/ap/ENV

Copyright © 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

Federal News Network Logo

More from WTOP

Log in to your WTOP account for notifications and alerts customized for you.

Sign up