Paysafe Ltd PSFE is trading lower Monday after the company reaffirmed third-quarter revenue guidance below estimates and announced the acquisition of SafetyPay for $441 million.
Paysafe reported second-quarter revenue of $384.3 million, which beat the estimate of $377.98 million. The company reaffirmed that it expects third-quarter revenue to be in a range of $360 million to $375 million versus the estimate of $389.09 million.
"In total, we remain confident in our 2021 outlook and the years ahead as we continue to see the combination of our eCommerce gateway, digital wallets, online banking, and eCash solutions as a true differentiator in the market," said Philip McHugh, CEO of Paysafe.
Paysafe also announced that it signed a definitive agreement to acquire SafetyPay for $441 million in an all-cash transaction.
SafetyPay is a payments platform, operating primarily in Latin America, that enables e-commerce transactions.
Price Action: Paysafe is trading at the lowest levels since it began trading on March 31.
At last check Monday, the stock was down 13% at $8.87.
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