Sun, February 16, 2025
Sat, February 15, 2025
Fri, February 14, 2025
Thu, February 13, 2025

Why did the AMP share price just crash more than 13%?


  Copy link into your clipboard //stocks-investing.news-articles.net/content/202 .. the-amp-share-price-just-crash-more-than-13.html
  Print publication without navigation Published in Stocks and Investing on by MSN
          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source


  AMP shares are taking a beating on Friday. But why? The post Why did the AMP share price just crash more than 13%? appeared first on The Motley Fool Australia.

The AMP share price experienced a significant drop of over 13% following the release of its full-year results for 2023. Despite reporting a net profit after tax of $265 million, which was a 6.5% increase from the previous year, the market reacted negatively due to several factors. AMP announced a $50 million cost reduction program, which included job cuts, and a $20 million investment in its platform business. However, the company also reported a 25% decrease in underlying profit to $199 million, attributed to lower margins in its banking and wealth management sectors. Additionally, AMP's wealth management division saw a 10% drop in assets under management to $124.2 billion, and its banking arm faced challenges with a 10% reduction in net interest margins. These results, combined with a lack of positive outlook for the upcoming year, led investors to sell off shares, reflecting broader concerns about AMP's future profitability and strategic direction.

Read the Full MSN Article at:
[ https://www.msn.com/en-au/money/top-stocks/why-did-the-amp-share-price-just-crash-more-than-13/ar-AA1z0KK7 ]

Publication Contributing Sources