Green Dot Corp. shares fell early Thursday as the prepaid debit card company reported third-quarter profit that beat Wall Street expectations but missed revenue estimates.
The Monrovia company late Wednesday reported net income of $8.9 million (20 cents a share). Green Dot, which went public in July, said it earned $10.5 million a year earlier.
Revenue rose 36 percent to $88.9 million. Green Dot, the largest company in the prepaid debit card space, said it activated 1.5 million cards and transacted gross dollar volume of $2.51 billion in the quarter.
Adjusted earnings were 30 cents a share. Analysts surveyed by Thomson Reuters on average were expecting adjusted per-share profit of 26 cents on revenue of $89.9 million.
“Our commitment to provide mass access to simple, inexpensive, low hassle products that allow consumers to solve their basic financial and payment needs continues to drive our growth,” Chief Executive Steve Streit said in a statement.
Shares were down $3.20, or 5.8 percent, to $52.30 in midday trading on the New York Stock Exchange.
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