Cannae Holdings, Inc. (CNNE) Reports Q2 Loss, Tops Revenue Estimates

Earnings Performance - Cannae Holdings reported a quarterly loss of $0 16 per share, beating the Zacks Consensus Estimate of a loss of $0 29, representing an earnings surprise of 44 83% [1] - The company's loss per share improved significantly compared to the year-ago loss of $1 16 per share [1] - Over the last four quarters, Cannae has surpassed consensus EPS estimates only once [2] Revenue Performance - Cannae posted revenues of $118 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 5 93% [2] - This compares to year-ago revenues of $152 8 million, indicating a decline [2] - The company has topped consensus revenue estimates just once over the last four quarters [2] Stock Performance - Cannae shares have lost about 0 7% since the beginning of the year, underperforming the S&P 500's gain of 9% [3] - The stock's immediate price movement will depend on management's commentary on the earnings call [3] Earnings Outlook - The current consensus EPS estimate for the coming quarter is -$0 31 on $110 2 million in revenues [7] - For the current fiscal year, the consensus EPS estimate is -$1 80 on $432 6 million in revenues [7] - The estimate revisions trend for Cannae is mixed, translating into a Zacks Rank 3 (Hold) [6] Industry Outlook - The Financial - Investment Management industry is currently in the bottom 30% of the Zacks industries [8] - The top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [8] Peer Performance - Greenidge Generation Holdings Inc is expected to post a quarterly loss of $0 37 per share, representing a year-over-year improvement of 74 1% [9] - The consensus EPS estimate for Greenidge has been revised 10 4% lower over the last 30 days [9] - Greenidge's revenues are expected to be $16 1 million, up 9 5% from the year-ago quarter [10]