24/7 Market News Snapshot 13 November, 2024 – Riskified Ltd. (NYSE:RSKD)

November 13, 2024

DENVER, Colo., 13 November, 2024 (247marketnews.com) – (NYSE:RSKD) are discussed in this article.
Riskified Ltd. has reported its third-quarter financial results, revealing strong growth trajectories despite recent stock volatility. While the company’s shares opened at $5.00 and subsequently fell to $4.785—an 11.54% decrease from the previous session’s close of $4.29—the overall trading volume reached 1.47 million shares, indicating significant investor interest amidst fluctuating market sentiments.

In the third quarter, Riskified achieved revenue of approximately $78.8 million, representing a year-over-year increase of 10%. This growth was largely fueled by a substantial 17% rise in gross merchandise volume (GMV), which soared to $34.7 billion. Eido Gal, Co-Founder and CEO, highlighted the pivotal role of Riskified’s advanced Artificial Intelligence technology in not only capturing new business opportunities but also enhancing market competitiveness across various sectors. The quarter’s milestones included securing the largest Policy Protect deal in the company’s history, valued at nearly $2 million, as well as the onboarding of a major money transfer and remittance firm.

To further bolster shareholder confidence, Riskified has enacted a share repurchase program totaling $75 million in addition to an existing $150 million buyback initiative. The company concluded the quarter with a robust cash position of approximately $389.8 million and no outstanding debt, providing a solid foundation for future growth and investment.

Looking ahead, Riskified projects its full-year revenue to fall between $322 million and $327 million, along with an adjusted EBITDA between $14 million and $20 million. With a strategic emphasis on technological innovation and expanding market reach, Riskified is well-positioned to continue leading the ecommerce risk management sector.

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