Canadian Imperial Bank of Commerce (CM) said before open Thursday that it earned $1.05 per share in quarter four 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $4.1 billion, missing estimates by $119 million.
In the same quarter a year ago, the company earned $1.34 per share on revenue of $4 billion.
The stock is down 5.50% to $45.52 after the report.
Despite revenues increasing, earnings decreased, signaling a decline in profit margins.
The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.
Trading in the five days leading up to the report earned Canadian Imperial Bank of Commerce a Bullish Sentiment Rank from InvestorsObserver.
Canadian Imperial Bank of Commerce has performed a little above average during the past few months. Before the report, Canadian Imperial Bank of Commerce received a Long-Term Technical Rank by InvestorsObserver of 57, putting it in the top half of stocks. The firm was recently trading at a 52-week low of $39.72 on October 13, 2022 and set a 52-week high on January 18, 2022 at $66.24.
Canadian Imperial Bank of Commerce is Canada's fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.
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Canadian Imperial Bank of Commerce Down 5.50% To $45.52 After Earnings Miss
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