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Payoneer Global (NASDAQ:PAYO) stock gapped up 9.6% in Wednesday premarket trading after delivering Q1 earnings and revenue that each surpassed Wall Street expectations. On top of that, its full-year guidance for revenue and adjusted EBITDA were both lifted to above consensus.
The payment infrastructure platform now expects revenue of $895M-$905M, exceeding the $882.4M average analyst estimate and up from $875M-$885M in the prior view. Transaction costs are expected to be about 17.5% of revenue.
Adjusted EBITDA for the year is projected to be $200M-$210M, compared with the $191.6M Visible Alpha consensus and $185M-$195M in the previous target.
“Payoneer delivered record quarterly revenue and strong profitability in the first quarter, driven by growth across all channels, including faster growth in our higher take rate B2B and Merchant Services businesses," said CEO John Caplan.
Q1 GAAP EPS of $0.08, beating the $0.05 expected, edged up from $0.07 in the previous quarter and $0.02 a year ago.
Revenue of $228.2M, vs. $211.2M consensus, rose from $224.3M in Q4 2023 and $192.0M in the year-earlier period.
Transaction costs as a percent of revenue was 14.9% vs. 16.2% in Q4 2023 and 14.1% in Q1 2023.
Adjusted EBITDA advanced to $65.2M from $52.2M in Q4 2023 and $38.8M in Q1 of last year.
Total B2B volume increased 33% Y/Y to $2.2B. Merchant Services volume of $92M gained 217% Y/Y.