NEW YORK (AP) — NEW YORK (AP) — Ambac Financial Group Inc. (AMBC) on Monday reported a first-quarter loss of $46.4 million, after reporting a profit in the same period a year earlier.
The New York-based company said it had a loss of $1.22 per share. Losses, adjusted for one-time gains and costs, came to 13 cents per share.
The bond insurer posted revenue of $62.8 million in the period.
Ambac shares have dropped 34% since the beginning of the year. In the final minutes of trading on Monday, shares hit $8.35, a decrease of 54% in the last 12 months.
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