NEW YORK (TheStreet) -- Shares of Malaysian e-payment solutions provider MOL Global (MOLG) rallied 32.91% to $2.24 in morning trading Tuesday following Monday's sharp decline after the company reported its third-quarter earnings results before yesterday's opening bell.
MOL Global reported a 62% drop in earnings to a penny per diluted share. Consolidated revenue climbed 5.6% to $14.5 million compared to the same period one year earlier.
The company also announced a $15 million share repurchase program, which it says should increase shareholder value over time. MOL Global expects CEO Ganesh Kumar Bangah to purchase $500,000 worth of shares over the next year.
More than 2.5 million shares had changed hands as of 10:33 a.m., compared to the daily average volume of 907,222.MOLG data by YCharts