Lennar falls after lower Q1 profit on continued market weakness

Homebuilder Lennar's shares LEN.N fall 3.2% to $116.21 after the bell

LEN posted lower Q1 profit, as high mortgage rates and house prices deterred potential buyers

Including losses of $62.5 mln incurred on technology investments, Q1 EPS of $1.96 fell from $2.57 a year ago

Quarterly average sales price declined to $408,000, 1% lower than last year, reflecting continued weakness in the market

LEN also reported quarterly home sales gross margins of 18.7%, below its forecast range of 19.0% to 19.25%

Q1 revenue rose 5% YoY to $7.6 bln, compared with analysts' estimates of $7.43 bln — LSEG compiled data

As of Thursday's close, stock had fallen 8.4% YTD