Why MoneyGram Stock Got Demolished Today
Shares of MoneyGram International (NASDAQ: MGI) have gotten demolished today, down by 25% as of 11:30 a.m. EST, after the company reported fourth-quarter earnings. MoneyGram had postponed the release due to the severe weather conditions and related power outages in Texas, where it is headquartered.
Revenue in the fourth quarter was $323.3 million, below the consensus estimate of $326.7 million. That resulted in adjusted earnings per share of $0.12, topping the $0.07 per share in adjusted profits that Wall Street analysts were looking for. The financial services company, which specializes in peer-to-peer (P2P) digital payments across international borders, said that MoneyGram's online direct-to-consumer channel MGO saw transactions double.
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Source Fool.com
