Fintech News: Why MOGO Stock Is Skyrocketing 51% Today

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Mogo (NASDAQ:MOGO) is taking off on Wednesday after the fintech company released preliminary results for the second quarter of 2020 in a news release.

Fintech News: Why MOGO Stock Is Skyrocketing 51% Today

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According to the Mogo news release, the fintech company is expecting revenue to range from $10.3 million to $10.5 million. The preliminary results also have adjusted EBITDA sitting between $4.5 million and $5 million.

The Mogo preliminary earnings results also include a positive operating cash flow net of investing activities ranging from $6.5 million to $7 million. The company’s guidance for this was between $5 million and $6 million for the quarter.

Greg Feller, president and CEO of the fintech company, said this in the news release.

“Given the continued uncertainty caused by COVID-19, we believe it is important to provide a preview of our Q2 results, which demonstrate the resiliency of our financial model, the impact of our actions to create a leaner, more efficient cost structure and the levers in our business we can manage to significantly increase operating cash flow.”

Mogo notes that its final results for the second quarter of the year will come out on Aug. 11, 2020. The earnings report will release after the markets closed and will be followed by a conference call at 5:00 p.m. Eastern Time.

Mogo notes that anyone wanting to take part in the call can dial in via its domestic or international numbers. The company will also be streaming the call via a webcast on its investor relations website.

MOGO stock was up 51.3% as of Wednesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/07/fintech-news-sends-mogo-stock-soaring/.

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