Why Pitney Bowes Stock Just Plunged 15%

Why Pitney Bowes Stock Just Plunged 15%

Shares of Pitney Bowes (NYSE: PBI) have fallen, down 14.5% as of 11:52 a.m. EDT, after the business solutions provider released its second-quarter earnings report.

The company earned $0.26 per share on sales of $821.4 million, falling short of analyst predictions of $0.36 per share (probably pro forma) and $822.2 million, respectively. Relative to last year's second quarter, sales declined 2% and profits were down 7%.

Regardless, CEO Marc B. Lautenbach accented the positive, arguing that Pitney Bowes "continued to make progress on our strategic agenda" and that its "financial performance was indicative of a company going through a transformation."

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Source: Fool.com