Paysign (NASDAQ:PAYS) is in the news after a poor earnings report for the second quarter of 2020 released last night has PAYS stock falling on Friday. That’s due to its adjusted earnings per share of 1 cent missing Wall Street’s estimate of 3 cents. Its revenue of $6.44 million also comes in below analysts’ estimate of $9.6 million.
Here’s what else is worth mentioning from the most recent Paysign earnings report.
- Adjusted per-share earnings are down 80% from 5 cents during the same time last year.
- Revenue for the quarter is sitting 25% lower than the $8.64 million in Q2 2019.
- Operating loss of $646,161 is a negative switch year-over-year from an operating income of $1.63 million.
- The Paysign earnings report also has net loss coming in at $219,234.
- That’s an unhealthy drop compared to the company’s net income of $1.74 million in the same period of the year prior.
Mark Newcomer, CEO of Paysign, said this in the company’s earnings release.
“While our financial results were significantly impacted by the economic slowdown caused by the COVID-19 pandemic, we executed well, and are confident that this second quarter will prove to be the most challenging. We are confident that we will emerge from this pandemic related slowdown a stronger company and resume a trajectory of growth.”
Paysign doesn’t provide any guidance details during its current earnings report. That’s likely due to the novel coronavirus. This follows a trend of companies withholding outlooks during the pandemic.
PAYS stock was down 22.2% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.