Payoneer jumps after raising 2024 revenue forecast above estimates

Payoneer Global

05/11/2024 14:39

** Financial technology firm Payoneer's  PAYO.O  shares rise
~7.5% to $9.16 in morning trading
    ** PAYO now expects its 2024 revenue to be between $950 mln
and $960 mln, vs prior range of $920 mln to $930 mln
    ** Analysts on average were expecting $928.7 mln, according
to estimates compiled by LSEG
    ** Company also raises its forecast for adjusted core
earnings to between $255 mln and $265 mln for FY24, compared
with $225 mln to $235 mln earlier
    ** "We have delivered seven consecutive quarters of
accelerating volume growth and in the third quarter accelerated
revenue growth excluding interest income to 24%," says CFO Bea
Ordonez 
    ** Q3 profit jumps to $41.6 mln vs $12.8 mln a year earlier 
    ** Volume climbs to $20.4 bln in the quarter, up 25% from
the year ago
    ** As of last close, PAYO up ~63.5% YTD

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))