Sotheby's misses by $0.15, misses on revs :
- Reports Q1 (Mar) loss of $0.35 per share, $0.15 worse than the Capital IQ Consensus of ($0.20); revenues fell 31.6% year/year to $106.5 mln vs the $122.73 mln Capital IQ Consensus.
- "Completely consistent with the market-driven decline in our Net Auction Sales, our Agency revenues were down $53.9 mln in dollar terms versus one year ago. To put the impact of this decline into perspective, our total swing in Adjusted Operating Results for the quarter was $48.4 mln, thus indicating the decline in Agency Segment revenue accounted for more than 100% of the change. In a nutshell, that is the major takeaway of this quarter."
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