Payment processor Neovia Financial posts revenue fall, earnings gain
Neovia Financial, parent company of e-wallet Neteller, has released its first half of 2010 financial picture. Overall revenue fell 6% to $30.8M, for which CEO Mark Mayhew blamed the World Cup and its ‘depressing’ effect on poker and other non-football related betting. However, earnings rose 25% to $6.1M (from $4.9M during the same period last year), so trimming 77 positions from their total workforce seems to have paid off. Paid off for Neovia, obviously, unlike the 77 people who hit the skids in the midst of the greatest economic downturn since the Great Depression. Not that we’re judging anyone or anything…
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