Earnings Surprise: $6 Billion Buyback, Yet Newmont Loses $8 Billion in a Day

The stock of Newmont Corporation (NEM), the world’s largest gold mining company, plummeted 5.52% on the New York Stock Exchange on April 27, closing at $109.68. Its market capitalization fell to roughly $117 billion (about KRW 160 trillion), erasing approximately $6.1 billion (around KRW 8 trillion) in a single day, on trading volume of 5.07 million shares.

In its first-quarter 2026 results announced on April 23, Newmont reported earnings per share of $2.90—well above analysts’ estimate of $2.20—and generated a record quarterly free cash flow of $3.1 billion. On the same day, the company approved a new share repurchase program of up to $6 billion, signaling an aggressive shareholder return policy.

Headquartered in Denver, Colorado, Newmont was founded in 1916 and has become the world’s largest gold producer through acquisitions such as Goldcorp in 2019 and the Newcrest deal in 2023. With major gold mines in the U.S., Canada, Australia, Africa and South America, Newmont is viewed as a bellwether gold stock, highly sensitive to gold prices and commodity cycles.