NEW YORK - Payoneer Global Inc. (NASDAQ: PAYO), a leading financial technology company empowering small and medium-sized businesses worldwide, has reported a robust first quarter, surpassing analyst expectations with both earnings and revenue, and issued upbeat 2024 guidance.
The company's Q1 earnings per share (EPS) came in at $0.08, which was $0.03 higher than the analyst estimate of $0.05. Revenue for the quarter was also strong, reaching $228.2 million, significantly exceeding the consensus estimate of $211.59 million.
This performance represents a 19% year-over-year (YoY) increase in revenue, driven by a 21% growth in volume, including a 33% rise in B2B volume. The company's net income saw a substantial jump, posting a 265% YoY increase to $29.0 million. Adjusted EBITDA also saw a significant rise of 68% compared to the same quarter last year.
Payoneer's CEO, John Caplan, attributed the strong quarter to growth across all channels, particularly noting the faster growth in their higher take rate B2B and Merchant Services businesses.
The company also reported an 8% increase in active Ideal Customer Profiles (ICPs) and a 34% increase in spend on Payoneer cards YoY.
The company's stock responded positively to the news, with shares climbing 12%, indicating investor confidence in the company's trajectory. The market's upbeat response is tied to the company's results and guidance beat, signaling a strong start to the year for Payoneer.
Looking ahead, Payoneer has raised its full-year 2024 revenue guidance to a range of $895 million to $905 million, which is above the analyst consensus of $882.8 million. The midpoint of this range, $900 million, is well above the consensus, suggesting a bullish outlook for the company's performance.
Bea Ordonez, Payoneer's Chief Financial Officer, expressed optimism about the company's momentum heading into the second quarter and the rest of the year.
She highlighted the company's efforts in driving customer acquisition and retention, enhancing the financial stack, and penetrating the fast-growing B2B market as key factors for the positive guidance.
Investors and analysts will continue to monitor Payoneer's performance closely, particularly in how the company capitalizes on its growth opportunities and navigates the dynamic global financial landscape.
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