NEW YORK (Reuters) - Investment bank Bear Stearns said on Thursday quarterly earnings fell, hurt by a decline in bond trading revenues and a writedown.
Net income was $361.7 million, or $2.52 a share, compared with $539.3 million, or $3.72 a share a year earlier.
Excluding a $227 million, or 88 cents a share, non-cash charge related to the writedown of intangible assets, earnings fell to $3.40 a share.
Excluding one-time items, analysts on average had forecast earnings of $3.49 a share, according to Reuters Estimates.
Concerns about U.S. mortgage exposure have weighed on Bear Stearns' shares since February. Bear is one of the largest mortgage bond underwriters in the United States, and its business is much less diversified than many of its competitors.
Since mid-February, Bear Stearns' shares have fallen 10 percent, while the Amex Securities Broker-Dealer index has risen more than 3 percent.