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Photograph by Carla Gottgens/Bloomberg
Shares of
Barrick Gold
slipped Monday morning despite beating earnings forecasts as gold prices slide.
Barrick Gold (ticker: GOLD) reported a profit of 29 cents a share, beating forecasts for 28 cents, on revenue of $2.89 billion, missing expectations for $3.06 billion. Barrick stock dropped 1% to $20.58 at 10:48 a.m. easter.
Barrick’s revenue miss hurt, but so did an overnight decline in gold prices, which saw the precious metal drops about $60 an ounce in just a few minutes. Gold dropped more than 4% but has rebounded to $1,738.40 an ounce, off 1.4% on the day.
Barrick has dropped 8.7% in 2021 after declining 13% during the past three months. It has underperformed the
S&P 500,
which has gained 18% this year after rising 5.9% during the past three months.
Write to Ben Levisohn at ben.levisohn@barrons.com