Shift4 Payments, Inc (NYSE:FOUR) reported fiscal third-quarter 2024 gross revenue growth of 35% year-on-year to $909.20 million, missing the analyst consensus estimate of $971.35 million.
The payment processing company's adjusted EPS of $1.04 missed the analyst consensus estimate of $1.07. The stock tanked after the print.
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Payments-based revenue improved from $626.9 million a year ago to $806.8 million. Subscription revenue was $102.4 million, up from $48.5 million a year ago.
Gross revenue minus network fees improved to $365.1 million vs. $243.0 million a year ago, up by 50% year-over-year.
End-to-end payment volume climbed 56% year-over-year to $43.5 billion. Adjusted EBITDA improved 51% year-over-year to $187.4 million. The margin remained firm at 51%.
Fiscal 2024 Outlook: Shift4 expects gross revenue minus network fees outlook of $1.35 billion–$1.36 billion (prior $1.35 billion–$1.38 billion).
The company expects end-to-end payment volume of $164 billion–$166 billion (prior $167 billion–$172 billion).
It projects an adjusted EBITDA of $677 million–$688 million (prior $662 million–$689 million).
Shift4 Payments stock surged over 43% year-to-date.
Last week, Susquehanna analyst James Friedman maintained Shift4 Payments with a Positive and raised the price target from $97 to $105.
Price Action: FOUR stock is down 9.26% at $95.20 premarket at the last check Tuesday.
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