Shares of Euronet Worldwide (NASDAQ:EEFT) fell as much as 10% on Wednesday, following the release of its second-quarter financial results. Shares were down 6% as of 2:35 p.m. EDT.
Euronet's revenue rose 11% year over year to $691.9 million, matching Wall Street's expectations.
Notably, the number of transactions conducted on Euronet's network increased by 19%, to 1.15 billion. "Our efforts to expand our network, state-of-the-art technology and broad product portfolio continue to result in strong double-digit earnings growth," chairman and CEO Michael J. Brown said in a press release.
All told, Euronet's adjusted (non-GAAP) operating income jumped 29% to $116.6 million, and its adjusted earnings per share leapt 28%, to $1.69. This EPS figure also matched analysts' estimates.
Prior to Euronet's earnings release, its stock had risen more than 60% in 2019 and nearly 100% in the past year. So while the electronic payments provider's second-quarter results look relatively solid on the surface, its sales and profit figures simply matched -- rather than exceeded -- Wall Street's estimates, and some investors may be using that fact as a reason to sell and take some profit. Nothing in Euronet's report, however, would appear to alter the company's long-term fundamentals.