Why Pitney Bowes Stock Fell 20% in Early Trading Today
Shares of Pitney Bowes (NYSE: PBI) fell just over 20% in the first 90 minutes of trading on Oct. 30. That decline comes on the heels of the company's third-quarter earnings report, which, at first glance, didn't seem all that bad. However, there's more to the story here than just one quarter of earnings.
Pitney Bowes' top line was up 13% year over year, which the company noted was the fastest revenue growth it has achieved in more than a decade. Third-quarter earnings of $0.07 per share under generally accepted accounting principles (GAAP) compared favorably to a loss of $0.02 in the same period of 2019. Meanwhile, the company managed to beat analyst estimates of $0.05 per share in earnings. So far you'd expect Pitney Bowes stock to be up today.
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Source Fool.com
