Paysafe Stock Climbs On Q1 Results: Here's Why

Paysafe Ltd PSFE reported its first-quarter financial results after the bell Monday. Here's a look at the highlights. 

The Details: Paysafe reported first-quarter adjusted earnings of 57 cents per share, beating the 10 cent analyst consensus estimate.

Quarterly sales came in at $417.7 million, reflecting a 7% growth in total payment volume and beating the $408.25 million estimate.

Revenue from the Merchant Solutions segment increased 11%, reflecting double-digit growth in e-commerce as well as growth from small and medium-sized businesses driven by initiatives to expand sales capabilities and optimize the portfolio.

Revenue from the Digital Wallets segment increased 5% as reported and 4% in constant currency, reflecting growth from gambling merchants as well as ongoing initiatives related to product and consumer engagement.

“We are off to a great start this year, delivering 8% year-over-year revenue growth in the first quarter, reinforcing that our strategic initiatives and associated investments are driving momentum in the business and setting us up for long-term success. We remain confident in our financial outlook for this year, which reflects stronger underlying revenue performance, anchored by improved operational execution,” Bruce Lowthers, CEO of Paysafe, said.

Outlook:  Paysafe reaffirmed its full-year 2024 revenue guidance of between $1.688 billion and $1.712 billion, versus the $1.7 billion analyst consensus estimate.

PSFE Price Action: According to Benzinga Pro, Paysafe shares are up 7.21% after-hours at $16.80 at the time of publication Monday.

Related News: GameStop Leads Roaring Rally: What’s Going On With Meme Stocks?

Photo: Buffik from Pixabay