Sotheby's (BID) Misses The Q1 View By 3c
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Sotheby's (NYSE: BID) reports Q1 EPS of ($0.53), 3 cents below the analyst estimate of ($0.50). Revenue for the quarter was $54.4 million, versus the consensus of $55 million.
"Sotheby's first quarter results demonstrate an aggressive response to the ongoing global uncertainty, with costs down 25% and margins up 41%," said Bill Ruprecht, President and Chief Executive Officer of Sotheby's. "The dynamics of the business are shifting dramatically, positioning us for strong future earnings power when the market rebounds, with more limited downside."
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