Payoneer Global Inc PAYO reported second-quarter FY23 sales growth of 40% year-on-year to $206.73 million, beating the analyst consensus of $196.99 million.
Transaction costs as a percentage of revenue were 13.8% versus 17.7% a year ago.
Total operating expenses climbed 15.3% Y/Y to $173.3 million.
The operating income for the quarter was $33.4 million, with an operating margin of 16.2%.
Adjusted EBITDA jumped 280% to $56 million.
Payoneer held $590.8 million in cash and equivalents as of Jun 30, 2023. Net cash provided by operating activities for six months totaled $59.9 million.
EPS of $0.12 beat the analyst consensus of $0.04.
Recently, the company announced the asset acquisition of Israel-based Spott, a real-time data platform that uses AI to accurately surface, assess, and quantify data for more informed and faster business decision-making.
Outlook: Payoneer raised FY23 revenue guidance from $810 million - $820 million to $820 million - $830 million versus the consensus of $818.43 million.
It sees transaction costs of about 15.5% of revenue (unchanged) and adjusted EBITDA of $160 million-$170 million (prior view $140 million-$150 million).
Price Action: PAYO shares are trading higher by 7.79% at $5.47 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
