EEFT - Why Euronet Worldwide Stock Was Down Wednesday
2023-07-26 13:48:15 ET
Shares of Euronet Worldwide (NASDAQ: EEFT) were down more than 20% as of 1:43 p.m. ET Wednesday after the payments company reported earnings results for the second quarter.
Revenue grew 11% year over year, which translated to operating profit growth of 21%. But management's earnings guidance for next quarter was below the Street's expectations.
Euronet operates its digital and cash payments network in countries all over the world, so it is well positioned to grow as the global economy continues to shift toward greater use of digital payments. But this also means it can be vulnerable to near-term weakness in the economy.
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Why Euronet Worldwide Stock Was Down Wednesday