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Blackhawk shares slide 18% after cutting net income guidance

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Blackhawk shares slide 18% after cutting net income guidance

Shares of Blackhawk Network Holdings Inc. tumbled more than 18% through late-morning trading on Oct. 12, a day after the company lowered its full-year earnings guidance.

Blackhawk said it now anticipates net income of $20 million to $24 million, or 35 cents to 42 cents per share, versus prior expectations of $22 million to $26 million, or 35 cents to 44 cents per share. The company also adjusted its outlook for operating revenue, though its adjusted net income forecast remains the same.

The payments technology company's stock was down 18.44% to $36.05 as of 12:11 p.m. ET on much higher-than-usual volume.