Payoneer Global Inc (NASDAQ:PAYO) reported third-quarter financial results before the market open on Tuesday. Here’s a rundown of the report.
Payoneer reported $1.4 billion of spend on Payoneer cards in the third quarter, up 41% year-over-year. The company also reported record quarterly volume, up 25% year-over-year.
“Payoneer delivered record quarterly volume and revenue, and significant profitability in the third quarter. We are building a full-service financial stack for global cross-border SMBs and accelerating growth and profitability across our business,” said John Caplan, CEO of Payoneer.
“We are at the beginning of our growth trajectory and are focused on consistent execution to capture the opportunity ahead of us.”
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Outlook: Payoneer raised its full-year 2024 revenue guidance from a range of $920 million to $930 million to a new range of $950 million to $960 million, versus estimates of $928.71 million, according to estimates from Benzinga Pro.
The company also raised its full-year adjusted EBITDA expectations from a range of $225 million to $235 million to a new range of $255 million to $265 million.
PAYO Price Action: Payoneer shares were up 16.8% at $9.95 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
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