Why International Money Express Stock Wasn't in the Money Today
Cross-border financial transfer specialist International Money Express (NASDAQ: IMXI) had quite a tough Wednesday on the stock market. Investors traded out of the company's shares following the release of its latest set of quarterly results. Consequently, the stock price plummeted by more than 8% on the day, a notably steeper decline than the 1.4% drop of the S&P 500 index.
For its second quarter, International Money Express, frequently called Intermex to save breath, earned revenue of just over $169 million. That was up a robust 23.5% year over year; however, it fell short of the average analyst estimate of $171 million.
Non-GAAP (adjusted) profitability, meanwhile, increased only marginally over the second quarter of 2022. It landed at $18.4 million, or $0.50 per share. Those prognosticators, however, were collectively expecting the specialty finance company to earn $0.52.
Source Fool.com
