What happened

Shares of financial tech specialist GreenSky (NASDAQ:GSKY) took a hit on Tuesday, falling as much as 16.8%. As of 3:15 p.m. EST, the stock was down about 14.2%.

The fintech stock's decline follows the company's third-quarter results, which include revenue and adjusted earnings per share that were both below analysts' average estimates for the quarter.

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So what

GreenSky's revenue fell 7% year over year, coming in at $142 million. On average, analysts were expecting revenue of about $150 million. The company's adjusted earnings per share was $0.03, $0.08 below the consensus analyst estimate and down from $0.20 in the third quarter of 2019.

GreenSky CEO David Zalik saw a silver lining in the quarter. "Despite a modest decline in third quarter revenue, our overall servicing portfolio continued to grow and our average transaction fee rate also grew by 40 basis points over the prior year," he said in the tech company's third-quarter update. In addition, Zalik pointed out GreenSky's 17% year-over-year increase in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).

Now what

The company plans to use funds from a recent sale of assets and from the renewal of $3.8 billion in commitments from three of its existing bank partners to grow its transaction volume.

"Importantly, the increase in funding includes an additional $600 million per year commitment from a new bank partner for Patient Solutions," said GreenSky CFO Andrew Kang in the company's third-quarter earnings release, "which will allow us to focus on the growth of our elective healthcare business and help support the recovery of those providers and their patients following the shutdowns earlier in the year."

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