Green Dot Corp. 10% drop as profit and drop in revenue in the second quarter

(RTTNews) – Shares of financial technology and banking holding company Green Dot Corporation (GDOT) fell more than 10% on 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

Revenue was $362.8 million for the second quarter, down from $369.4 million last year.

Analysts polled by Thomson Reuters on average had 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 revenue to be between $1.394 billion and $1.430 billion and adjusted EPS between $2.35 and $2.49.

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

GDOT is currently at $24.09. It has traded between $22.27 and $54.90 over the past 52 weeks.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.