PNC Financial Services Group Inc (PNC) shares plunged over 5% in the premarket trading session on Thursday, underperforming the broader market.
The sell-off in PNC stock appears to be driven by the company's disappointing first-quarter guidance provided along with its Q4 earnings results. While PNC reported a 4% year-over-year increase in Q4 revenue and higher earnings per share, outperforming estimates, its guidance for the current quarter fell short of expectations.
For the first quarter of 2025, PNC expects average loans to be down around 1%, total revenue to decline 1-2%, and net interest income to drop 2-3% sequentially. The company also forecasts relatively flat fee income and a 2-3% decrease in core non-interest expenses compared to the prior quarter.
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