Source: Business Insider
Stamps.com surges 63% after reporting much stronger-than-expected earnings. Almost exactly one year ago, the stock had the opposite fortune, falling as much as 58% on news Stamps.com would end its multi-decade exclusive partnership with the US Postal Service. Visit Business Insider’s homepage for more stories . Stamps.com gained more than $1 billion in market capitalization Thursday, in a move that neither history nor Wall Street analysts foretold. Shares in the internet-based mailing and shipping firm surged as much as 63% Thursday after the company announced earnings results that far exceeded analysts’ expectations. Adjusted earnings per share were $2.120, versus the $0.983 analysts predicted, according to a Bloomberg poll. Sales also beat expectations, coming in at $160.90 million versus the $142.33 million the Bloomberg survey of analysts predicted. The blockbuster stock performance is ironic in light of where shares were almost exactly a year ago. Stamps.com announced in an investor call February 21, 2019, after market close that it would not renew its exclusive partnership with the US Postal Service, so that it could expand partnerships with other shippers such as Amazon and UPS.