Here's Why Mogo Stock Made Big Gains Today

Shares of Mogo (NASDAQ: MOGO) gained ground following the company's second-quarter earnings release today. The stock closed out Wednesday up roughly 16.2%, according to data from S&P Global Market Intelligence.

Mogo published its second-quarter results and issued new guidance before the market opened today, and investors were bullish on the performance and outlook. The company's earnings crushed expectations, with net income swinging from a loss of 1.6 million Canadian dollars ($1.3 million) in the prior-year period to a profit of CA$9 million in this year's quarter. The big earnings beat was largely driven by gains on the company's investment in cryptocurrency trading platform Coinsquare.

Image source: Getty Images.

Continue reading

Source Fool.com