In its first financial report since going public last month, Green Dot Corp. late Thursday reported higher revenue and profit in the second quarter,with adjusted results that were better than Wall Street expected.
After the markets closed, the Monrovia provider of prepaid debit cards reported net income of $4.6 million (29 cents a share), compared with $3.9 million (25 cents) a year earlier. Operating revenue rose 44 percent to $90.3 million.
Analyst Gil Luria at Wedbush Morgan said adjusted per-share profit of 36 cents beat his 31 cents forecast, and adjusted revenue of $92.8 million also beat his $92 million expectations.
The number of active cards at the end of the quarter was 3.2 million, an increase of 60 percent over the second quarter of 2009, Green Dot said in a statement.
“We are pleased with our Q2 financial results and the key drivers of our business,” Chief Financial Officer John Keatley said in a statement. “We believe that we are well-positioned for continued growth as a result of our market position, our strong track record and the strong secular trends in the prepaid space.”
Earlier, shares closed down 37 cents, or less than a percent, to $46.56 on the New York Stock Exchange.
The price is up 29 percent from the IPO debut of $36. All the shares were sold by existing stockholders and the company did not receive any proceeds from the sale.
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