Auctioneer Sotheby's (BID) Thursday reported first-quarter net loss of $22 million or $0.33 per share, compared with net loss of $10.7 million or $0.16 per share last year.
Revenues for the quarter slid 3% to $101.7 million $105 million in the prior year, hurt by a decline in auction commission margin to 15% from 18%.
Analysts polled by Thomson Reuters estimated a loss of $0.12 per share on revenues of $116.90 million for the quarter. Analysts' estimates typically exclude special items.
Results were also impacted by total expenses that escalated to $123 million from $113.7 million a year ago.
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