NEW YORK (TheStreet) -- MOL Global (MOLG) shares are dropping sharply, down 54.3% to $1.87, in trading on Monday after the Malaysian e-payment solutions provider reported its third quarter earnings results before the opening bell today.
The company reported a 62% decline in earnings to 1 cent per diluted share while consolidated revenue rose 5.6% to $14.5 million over the same period last year.
The company also announced a $15 million share repurchase program which it believes will increase shareholder value over time, with the company's CEO expected to purchase $500,000 worth of shares over the next year.
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