RTTNews | Oct 30, 2020 10:14AM EDT

10:14 Friday, October 30, 2020 (RTTNews.com) - Shares of money transfer services provider MoneyGram International, Inc. (MGI) are surging more than 27% Friday morning on a jump in the third quarter earnings.

The stock touched a new high of $5.90 this morning.

MoneyGram reported earnings of $0.12 per share, up from loss of $0.10 per share last year.

Adjusted earnings of $0.16 per share in the third quarter beat the average estimate of analysts polled by Thomson Reuters at $0.07 per share.

Total revenue for the quarter increased to $323.2 million from $322.2 million in the same quarter a year ago. The consensus estimate was for $307.74 million.

MoneyGram said its online direct-to-consumer channel (MGO) delivered 114% revenue growth driven by strong consumer demand for the MoneyGram app, high customer retention rates, and increased productivity rates. Cross-border online transactions grew 176% year-over-year.

For the fourth quarter, the company anticipates revenue growth of about 1%. This compares with the analysts' view of 4.8% decline.

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