Shares of wealth management technology and products provider Envestnet, Inc. (ENV) are down more than 21% Friday morning despite reporting better-than-expected fourth-quarter results.
Net income in the fourth quarter was $7.7 million or $0.13 per share compared with $3.4 million or $0.07 per share in the same quarter a year ago.
Excluding items, adjusted earnings were $0.69 per share, that beat the average estimate of 12 analysts surveyed by Thomson Reuters at $0.65 per share.
Revenue for the quarter increased to $263.8 million from $239.9 million last year. The consensus estimate stood at $263.82 million.
Looking forward to the first quarter, Envestnet sees revenue to be in the range of $270 million- $273 million and adjusted EPS to be $0.61. Analysts see earnings of $0.59 per share on revenue of $269.18 million.
For the full-year revenue is expected between $1.105 billion – $1.119 billion and adjusted EPS between $1.95 and $2.08. The consensus estimate for revenue is at $1.11 billion and for earnings is $2.73 per share.
ENV, currently at $62.50, has traded in the range of $45.53- $92.51 in the last one year.
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