Shares of Priority Technology Holdings Inc. (PRTH) surged 5.42% on Wednesday after the company reported strong third-quarter results that exceeded analysts' expectations. The payment technology solutions provider posted revenue of $227 million for the quarter, along with a profit of $10.6 million or $0.07 per share, beating estimates of a $0.01 loss per share.
The robust performance was driven by solid growth across the company's various business segments. PRTH's revenue for the quarter marked a 20.12% increase compared to the same period last year. Additionally, the company reaffirmed its full-year 2024 revenue guidance range of $875 million to $883 million, reflecting confidence in its ongoing momentum.
Analysts and investors praised PRTH's strong quarterly results, which highlighted the company's ability to capitalize on growing demand for its payment solutions. The stock's surge on Wednesday reflects renewed optimism in the company's prospects, as it continues to execute on its strategic growth initiatives and expand its market presence.
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