By Emily Dattilo
Shares of Flywire were spiraling after the global payments and software company reported disappointing quarterly results and and said it was cutting 10% of its workforce under a restructuring plan.
Flywire stock fell 28% to $12.69 in premarket trading Wednesday.
For its fourth quarter, the company reported a loss of 12 cents a share, wider than the loss of a penny Wall Street had penciled in, according to FactSet. Revenue less ancillary services of $112.8 million was below the consensus estimate of $118.9 million.
For its fiscal first quarter, Flywire forecasts foreign-exchange neutral revenue growth of 10% to 13%. For the current fiscal year, it anticipates revenue growth of 9% to 13%.
"Looking ahead, we're focused on driving effectiveness and discipline throughout our global business," said CEO Mike Massaro in a press release. "We will be undertaking an operational and business portfolio review." Part of that includes a restructuring that will slash about 10% of the company's workforce.
Separately, the company announced it has acquired Sertifi, a software and payments platform focused on hospitality, for $330 million.
Write to Emily Dattilo at emily.dattilo@dowjones.com
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(END) Dow Jones Newswires
February 26, 2025 07:35 ET (12:35 GMT)
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