BRF (NYSE:BRFS) stock is on the move Wednesday after the Brazilian food processing company released interim earnings results for the first quarter of the year.
The company’s earnings report starts with its losses per share of 96 cents. That’s much worse than the loss of 9 cents per share that Wall Street was expecting for the quarter. Even if it’s a slimmer loss per share than the $1.58 reported in the same period of the year prior.
On the flip side of that, BRF reported revenue of $13.18 billion for the first quarter of 2023. That’s better than the $12.84 billion that analysts were estimating for Q1. It’s also a 9.4% improvement over the $12.04 billion reported in the first quarter of 2022.
How This Affects BRFS Stock Today
BRFS stock has been on a wild ride Wednesday before markets even opened. That saw the company’s shares rise as much as 70% following the release of its earnings report. Even so, the stock couldn’t remain that high as volatility dragged it back from those gains during pre-market trading.
Interestingly, this comes without much trading this morning. As of this writing, only about 1,500 shares of the stock have been traded. That’s nowhere close to the company’s daily average trading volume of about 5 million shares.
BRFS stock is up 5.1% as of Wednesday morning.
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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.