Newmont (NEM) Stock Drops on Q2 Profit Miss Source: Piotr Swat|Shutterstock Newmont (NYSE: NEM ) stock is taking a beating on Monday after the gold mining company reported results for the second quarter of 2022 . The first bit of bad news is the company’s adjusted earnings per share of 46 cents. That’s well below the 61 cents per share that Wall Street was expecting for the quarter. Also, it’s a major drop from the 83 cents per share reported during the same time last year. When it comes to revenue, Newmont reported $3.06 billion for the second quarter of the year. That just barely beats out the $3.04 billion that analysts were looking for during the period. It’s also a slight decrease from the $3.07 billion reported in the same period of the year prior. According to Newmont, its earnings for the second quarter of 2022 were negatively affected by higher Costs Applicable to Sales ( CAS ). It attributes this to inflation, as well as the Peñasquito profit-sharing agreement it entered into in the second quarter of the year. 5 Electric Vehicle Stocks to Buy on the Dip The earnings report also includes the following outlook warning from Newmont. “Newmont’s updated 2022 outlook includes 6.0 million ounces of attributable gold production and 1.3 million gold equivalent ounces from copper, silver, lead and zinc.