Payoneer Global jumps on raising 2022 revenue forecast, strong Q2 results

Payoneer Global

12/08/2022 11:24

** Shares of payment services co Payoneer Global Inc
 PAYO.O  up ~21% at $6.85 before the bell
    ** Company raises full-year 2022 forecasts and posts
surprise Q2 profit on Thursday after markets close
    ** PAYO now expects 2022 revenue between $580 mln and $590
mln, up from its prior forecast of $550 mln-$560 mln
    ** Company posts Q2 profit of 1 cent per share, compared to
analysts' expectation of a loss of 6 cents, per Refinitiv IBES
data
    ** PAYO's Q2 revenue rose 34% to $148.2 mln, topping
estimates of $131.5 mln
    ** Brokerage KBW raises PT to $8 from $7, Northland Capital
lifts to $10 from $9 and Citigroup raises to $9 from $7.50
    ** Two of seven brokerages rate the stock "strong buy" and
five "buy"; with a median PT of $8
    ** Up to Thursday's close, stock had fallen ~23% this year
    

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))