Barrick Gold (NYSE:GOLD) stock is taking a beating on Wednesday after the company released its earnings report for the fourth quarter of 2022.
That earnings report starts out positive with earnings per share of 13 cents. That’s better than the 11 cents per share Wall Street was expecting for the quarter. However, that’s down from the 35 cents per share reported in the same period of the year prior.
Unfortunately for GOLD stock, revenue came in at $2.77 billion for the fourth quarter of 2022. That’s below the $2.79 billion in revenue that analysts were expecting. It’s also a drop from the $3.31 billion reported in the fourth quarter of 2021.
GOLD Stock Buyback Announced
To go along with that earnings news, Barrick Gold also announced a stock buyback program. That covers up to $1 billion worth of GOLD stock and is set to last for the next 12 months. This comes after the company repurchased $424 million worth of its stock through its 2022 buyback program.
Finally, Barrick Gold announced a dividend for investors. That comes in at 10 cents per share and is payable on March 15, 2023. Shareholders must be on record when markets close on Feb. 28, 2023, to be eligible for the dividend.
GOLD stock is down 1.7% as of Wednesday morning.
Investors looking for all of the latest stock market news will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.