Flywire Corporation (NASDAQ: FLYW), a payments company, saw its stock price plummet by 22.56% in after-hours trading on Wednesday following the release of its fourth-quarter 2024 financial results.

The company reported revenue of $117.6 million for the quarter, missing analysts' estimates of $118.9 million. While adjusted EBITDA of $16.7 million slightly exceeded expectations, Flywire posted a GAAP loss per share of $0.12, widely missing the estimated loss of $0.01 per share.

The disappointing results were further compounded by Flywire's weak guidance for 2025. The company projected revenue growth of 9% to 13% on a constant currency basis, significantly below analysts' expectations of a 19% increase.

Flywire attributed the underwhelming performance and outlook to various headwinds, including visa policy changes in key markets like Canada and Australia, which impacted student enrollment and tuition payments. The company announced a 10% workforce reduction as part of a restructuring plan aimed at driving productivity and optimizing investments.

Flywire's acquisition of hotel property management system Sertifi for $330 million in cash is expected to contribute $35 million to $40 million in revenue for 2025. However, the deal failed to offset concerns about the company's core education business.