By Denny Jacob
Shares of online bank Dave rose 34% in premarket trading after raising its outlook for 2024.
Shares on Wednesday were trading around $83.85. For the year, the stock is up 649%.
The Los Angeles company, which provides customers with cash advances, now sees revenue coming in between $340 million and $343 million versus its prior forecast in the range of $310 million and $325 million. Dave also forecast adjusted Ebitda between $71 million and $74 million for the year compared to its prior guidance in the range of $40 million to $50 million.
"ExtraCash demand, credit performance, and customer acquisition costs remain solid thus far in the fourth quarter which we believe bodes well for our ability to achieve our forecast and positions us favorably heading into 2025," said Chief Financial Officer Kyle Beilman.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
November 13, 2024 07:48 ET (12:48 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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