Post by kritter on May 10, 2019 0:42:30 GMT
Stamps.com broke up with the Post Office. Obviously, that's going to sting when you have "stamps" in the name of your company. But the damage is going to be worse than Stamps.com expected.
The company's stock plunged about 50% in early trading Thursday after the mailing and shipping company slashed its revenue and earnings guidance.
Even before the latest warning, shares of Stamps.com (STMP) had already lost more than half their value after it announced in February that it was ending its exclusive partnership with the US Postal Service. That deal had been the core of its business, but the company said it needed to diversify to other carriers to take into account the changing marketplace.
The latest plunge left shares down nearly 80% since the USPS partnership ended.
