Payoneer Global (NASDAQ: PAYO) is a commerce tech firm that powers payments in the new global economy that went up by 15% after it announced its third-quarter financial results for 2021.
Senior management statements
Payoneer’s Chief Executive Officer, Scott Galit, said:
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Our global team executed really well this quarter as we continue to focus on delivering unique high-value services to our fast-growing and increasingly diverse customer base.
He claimed that they accelerated growth in key areas such as Eastern Europe and Latin America. The company has forged new partnerships, which it has highlighted by the collaboration processes they have in place with South Korean eCommerce firm, Coupang, and Vietnamese mobile wallet service provider, Vimo.
While specific supply chain issues are helping slow down global eCommerce growth, the company’s increasing diversity of growth drivers, geographics, customers, and services helps contribute to better revenue forecasts and higher take rates.
The company reported revenue of $122.7 million as compared to $90.5 million same quarter last year representing a growth of 35%. Net income came at $0.8 million compared to $1.6 million in 2020.
It posted adjusted EBITDA at $6.1 million seeing a stellar rise of 138% from $2.6 million last year, while its revenue less transaction saw an increase of 48% from $66.0 million last year to $98.0 million.
The company will also increase its investments in Sales and R&D to take advantage of its unique position in the global marketplace and economy.
Chief Financial Officer of Payoneer, Michael Levine states:
Based on our success to date and confidence in our business trajectory, we are raising our guidance for full-year 2021.
The company’s outstanding performance in this quarter has pushed it to raise its guidance for 2021, and it expects full-year revenue growth of roughly 33-34% year-over-year to $458 million – $462 million. Additionally, it expects 22% of transaction costs revenue.
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