Payoneer stock surges after company beats on earnings, raises forecast | Tipspdia

Shares of Payoneer Global Inc.
PAYO,
+4.35%
were up 15% in after-hours trading Thursday after the financial technology company, which helps enable payments across borders, topped expectations with its latest results and upped its full-year forecast. The company logged net income of $20.2 million, or 6 cents a share, whereas it posted a net loss of $3.5 million, or 16 cents a share, in the year-earlier quarter. Analysts tracked by FactSet had been expecting a 5-cent loss on a per-share basis. Payoneer also reported adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) of $10.4 million, up from $7.8 million a year earlier. Analysts were expecting a $6.5 million loss on the basis of adjusted Ebitda. Revenue jumped to $137.0 million from $100.6 million and came in ahead of the consensus view, which was for $122.1 million. Payoneer also upped its revenue and earnings forecast for the full year. It now anticipates $550 million to $560 million in revenue, along with a $10 million to $20 million loss on an adjusted Ebitda basis. The company’s prior outlook called for $530 million to $540 million in revenue and a $25 million to $35 million adjusted Ebitda loss. “In our prior guidance, we assumed zero revenues from business in Ukraine, Russia and Belarus for the remainder of the year,” Chief Financial Officer Michael Levine said in the earnings release. “However, based on subsequent actual results, while recognizing that the situation remains fluid, we now believe we can retain approximately 50% of our originally forecasted revenues collectively for those three countries for the rest of the year.” He called out “continued momentum in customer adoption of our higher-value services, successful penetration into high-growth regions, and better-than-expected results in Ukraine.”

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