Sotheby's (BID) saw its loss widen to $54.47 million, or $0.99 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $17.89 million, or $0.26 a share. On the other hand, adjusted net loss for the quarter widened to $43.06 million, or $0.78 a share from a loss of $17.94 million or $0.26 a share, a year ago. Revenue during the quarter plunged 33.70 percent to $91.49 million from $137.99 million in the previous year period. Gross margin for the quarter contracted 217 basis points over the previous year period to 57.16 percent. Operating margin for the quarter stood at negative 73.09 percent as compared to a negative 15.73 percent for the previous year period.
Operating loss for the quarter was $66.87 million, compared with an operating loss of $21.71 million in the previous year period.
"As we communicated previously, the third quarter results were not expected to be good," said Tad Smith, president and chief executive officer of Sotheby’s. “Underneath our seasonally low level of sales, there were encouraging but tentative indicators that the market could be looking for a rallying point. At the same time, we are thrilled with the continued results of our internal initiatives."
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