What caused MITT's Q2 2024 EPS to fall below forecasts?

AG Mortgage Investment Trust, Inc. (MITT) experienced a decline in its Q2 2024 EPS, falling below forecasts by $0.04. The factors contributing to this decline include:

|code|Ticker|Name|Date|Revenue Surprise|EPS Surprise|market_code|
|---|---|---|---|---|---|---|
|MITT|MITT.N|AG Mortgage|2023 Q3|-1211000|0.02|169|
|MITT|MITT.N|AG Mortgage|2023 Q4|76000|0.02|169|
|MITT|MITT.N|AG Mortgage|2024 Q1|2639000|0.06|169|
|MITT|MITT.N|AG Mortgage|2024 Q2|-649000|-0.04|169|

1. **Competitive Pricing and Weak Demand**: Insteel Industries, a steel manufacturer, faced a significant drop in profitability due to competitive pricing caused by weak demand and a drop in raw material costs. This situation is not unique to Insteel, as many companies are experiencing similar challenges.
2. **Strategic Shifts and Market Challenges**: GEE Group, a provider of professional staffing services, reported a net loss for Q2 2024 due to decreased demand for temporary and permanent employees, resulting from a challenging macroeconomic and labor market environment. This downturn is reflective of broader economic pressures affecting various sectors.

In conclusion, MITT's Q2 2024 EPS fell below forecasts due to a combination of competitive pricing, weak demand, and strategic shifts, which together created a challenging operating environment for the company.