Why MoneyGram International Stumbled on Friday
MoneyGram International (NASDAQ: MGI) shareholders weren't feeling very flush on Friday, as their stock sank by over 8%. The money transfer company's latest quarterly results were the direct reason for the drop.
Thursday night, MoneyGram published its Q2 earnings report. This showed that the company earned $329.3 million, an 18% improvement over the same quarter in 2020. This was aided by a 41% gain in volume for cross-border transfers, an important activity for the company.
As for non-GAAP (adjusted) net profit, this came in at around $600,000 ($0.01 per share) from the year-ago figure of approximately $900,000.
Source Fool.com
