Commercial real estate brokerage Marcus & Millichap Inc. reported third-quarter results Thursday that sent its shares lower by nearly 25 percent on Friday.
The Calabasas company reported third-quarter net income of $15.2 million (39 cents a share) for the quarter, compared to $13.5 million (35 cents) for the same quarter last year.
Analysts forecasted earnings of 46 cents a share on revenue of $183 million.
Revenue was $166 million, up 9.9 percent. The company attributed the growth to real estate brokerage commissions, which were up 8.4 percent for the quarter to $152 million.
“Our third quarter results reflect ongoing success in effectively executing our growth strategy. We realized healthy year-over-year growth of 10.5 percent in total brokerage transactions and 17.6 percent in our $1 to $10 million private client segment,” John Kerin, chief executive, said in a prepared statement.
The company reported results after market close Thursday. Shares closed Friday down $10.17 cents or 24.9 percent to $30.73 on the New York Stock Exchange.