Stamps.com Inc. (NASDAQ: STMP) was absolutely rocked on Thursday after the firm reported its most recent quarterly results. The company said that it had $1.23 in earnings per share (EPS) and $136 million in revenue, which topped the consensus estimates of $1.07 in EPS and $126.8 million in revenue. Bu the first quarter of last year reportedly had $2.54 in EPS and $133.6 million in revenue.

Mailing and Shipping revenue in the most recent quarter was $132.6 million, up 1% year over year. Customized Postage revenue was $3.4 million, up 30% from the first quarter of 2018.

Looking ahead to the 2019 full year, the company expects to see EPS in the range of $3.35 to $4.85 and revenue between $510 million and $560 million. These numbers are down from the previous guidance of EPS of $5.15 to $6.15 and revenue of $540 million to $570 million.

The revision to this guidance is principally the result of potential short-term and long-term adverse amendments, renegotiations, changes or termination of certain contracts between the USPS and certain strategic partners that are part of the USPS’s reseller program.

Ken McBride, Stamps.com’s board chair and chief executive, commented:

During the first quarter we continued to make progress on our efforts to evolve our strategy to more fully embrace a global multi-carrier business model. Our financial results for the first quarter were in-line with our expectations in light of our new strategic direction.

Shares of Stamps were last seen down about 55% at $37.05, in a 52-week range of $36.89 to $285.75.

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