Green Dot slides after lowering annual profit forecast
08/11/2024 19:12
** Shares of digital bank and fintech Green Dot GDOT.N
fall as much as 18.1%; last down 17% at $10.87
** GDOT late Thursday posted Q3 adjusted profit of 13
cents/shr, missing Wall Street expectations of 17 cents/shr,
according to data compiled by LSEG
** Company now expects its full-year adjusted EPS to be
between $1.33 and $1.36, lower than its prior expectation of
$1.45 and $1.59
** "Retail division is falling short of the improvement that
we had expected, which is impacting our guidance for the rest of
the year" - CFO Jess Unruh
** GDOT's number of active accounts on its platform have
been impacted due to headwinds in the retail channel
** William Blair says turning around the retail division and
navigating the regulatory environment could prove challenging
for GDOT
** As of last close, GDOT shares up 32.3% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))