Shares of LPL Financial Holdings, the broker-dealer with a major employee hub in Charlotte, fell by nearly 35 percent on Friday after the company reported earnings that sharply missed Wall Street expectations.
After the market’s close on Thursday, LPL said its fourth-quarter earnings dropped 45 percent to $27 million from a year ago.
On an adjusted basis, the company made 37 cents per share, far lower than analyst expectations of 51 cents per share, according to Bloomberg.
“The market environment was volatile and challenging in 2015, particularly for brokerage sales,” said CEO Mark Casady in a statement.
Digital Access for only $0.99
For the most comprehensive local coverage, subscribe today.
LPL provides technology, clearing, compliance and other services to to more than 14,000 independent financial advisers nationwide. The firm, which also has major operations in Boston and San Diego, last year broke ground on its new home in Fort Mill, S.C., where it plans to relocate about 1,000 workers and expand.
LPL’s shares closed at $16.50 on Friday, down $8.76.