Green Dot Corp. Drops 10% As Profit, Revenue Decline In Q2

Shares of financial technology and bank holding company Green Dot Corporation (GDOT) are down more than 10% Friday morning despite reporting better-than-expected second-quarter results.

Net income for the second quarter decreased to $15.0 million or $0.27 per share from $24.9 million or $0.45 per share a year ago.

Excluding one-time items, earnings were $40.4 million or $0.74 per share

Revenues were $362.8 million for the second quarter, down from $369.4 million last year.

Analysts on average polled by Thomson Reuters expected the company to report earnings of $0.55 per share on revenue of $356.84 million.

Looking forward to the full year, the company expects revenues to be between $1.394 billion and $1.430 billion and adjusted EPS to be between $2.35 and $2.49.

The consensus estimate for revenue is at $1.43 billion and for earnings is at $2.44 per share.

GDOT is at $24.09 currently. It has traded in the range of $22.27-$54.90 in the past 52 weeks.

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