Why GreenSky Stock Tanked Today

Shares of GreenSky (NASDAQ: GSKY) have tanked today, down by 21% as of 1 p.m. EDT, after the company reported second-quarter earnings. The results topped expectations, but investors are disappointed that GreenSky has chosen not to sell itself.

Revenue in the second quarter was $133 million, easily beating the consensus estimate of $100 million in sales. That translated into earnings per share of $0.06, also ahead of the $0.01 per share in profits that analysts were modeling for. The payment technology company and credit provider said transaction volumes fell 14% to $1.4 billion due to COVID-19 impacts, but volumes recovered throughout the quarter.

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Source Fool.com