According to Zhitong Finance APP, on Thursday, Lennar Corp (LEN.US) saw a drop of over 7% as its fourth-quarter revenue and Net income fell short of expectations. As of the time of writing, the stock has dropped by 3.4%, priced at $140.96. The company's Q4 revenue decreased by 9% year-on-year to $9.95 billion, below Analyst expectations of $10.06 billion; Net income was $1.1 billion, with an EPS of $4.06, compared to $1.36 billion and an EPS of $4.82 in the same period last year, with Analyst expectations at $4.15. During the period, the number of homes delivered decreased by 7% year-on-year, totaling 22,206 units; the new Order volume declined by 3% year-on-year to 16,895 units. The company expects that the number of homes delivered in the first fiscal quarter will be between 17,000 and 17,500 units, and the new Order volume will be between 17,500 and 18,000 units. Co-CEO Stuart Miller stated that despite the Federal Reserve lowering short-term interest rates, the housing market faced challenges from higher mortgage rates in the most recent quarter.