Payoneer Global Lifts Annual Revenue Outlook Above View As Q3 Profit Surges; Pre-Market Stock Up

(RTTNews) - Payoneer Global Inc. (PAYO), a financial services provider, on Tuesday revised up its annual revenue outlook, above analysts' estimates.

Bea Ordonez, CFO of Payoneer Global, said: "We are increasing our 2024 guidance to reflect our strong third quarter performance as well as higher expectations for both growth and profitability for the final quarter of the year."

For the full year, the company now expects revenue of $950 million to $960 million, higher than the prior guidance of $920 million to $930 million.

On average, nine-analysts polled by Thomson Reuters forecast the firm to generate revenue of $928.71 million, for the year. Analysts' estimates typically exclude special items.

Excluding items, EBITDA is now projected to be $255 million to $265 million against the earlier expectation of $225 million to $235 million.

For the third-quarter, the company reported net income of $41.574 million or $0.11 per share, compared with $12.825 million or $0.03 per share, recorded for the same period last year.

Analysts, on average, had expected the firm to earn $0.05 per share, for the quarter.

PAYO was up by 11.97 percent at $9.54 in the pre-market trade on the Nasdaq.