24/7 Market News Snapshot 07 Aug 2024 – Payoneer Global Inc. Common Stock (NASDAQ: PAYO)

August 7, 2024 8:58

Press Release

DENVER, Colo., 07 August, 2024 (247marketnews.com) – (Nasdaq:PAYO) are discussed in this article.
Payoneer Global Inc. (PAYO) opened today at $5.90 and is trading at $6.32, marking a 20.32% increase from the market open. This follows a previous close of $5.25, indicating a significant upward trend. With a trading volume of 2.1 million shares, investor interest remains robust. The bullish sentiment likely stems from recent positive developments and strong financial performance. Analysts are tracking resistance around $6.50 and support at $5.90 for potential trend changes, while sustained high volume may signal continued upward momentum.

Payoneer has released its financial results for the second quarter ending June 30, 2024, showcasing sustained growth. The company reported a revenue of $239.5 million, a 16% year-over-year increase, and total volume growth of 22%, reaching $18.7 billion. A notable highlight is the 40% year-over-year growth in B2B volume, enhancing SMB take rates.

Additionally, active Ideal Customer Profiles (ICPs) rose by 10% to 547,000, driven by the acquisition of larger clients with monthly transactions exceeding $10,000, reflecting volume and revenue increases over 20% compared to the previous year. Financial performance was highlighted by an adjusted EBITDA of $72.8 million, a 30% year-over-year rise, and a net income of $32.4 million, up from $29.0 million in the previous quarter.

Strategically, Payoneer acquired Skuad, a global workforce and payroll management provider, for $61 million plus an additional $20 million contingent on performance milestones. This acquisition aims to strengthen Payoneer’s offerings for SMBs on a global scale. CEO John Caplan stated that the merger would amplify customers’ capabilities to expand and manage their teams internationally. CFO Bea Ordonez noted the company’s continued strong performance and strategic growth initiatives, forecasting full-year 2024 revenue between $920 million and $930 million, with adjusted EBITDA expected to range from $225 million to $235 million.

Focusing on seamless integrations with accounting platforms and enhanced services, Payoneer continues to establish itself as a premier partner for SMBs in cross-border transactions, emphasizing innovation and strategic growth to deliver superior financial solutions globally.

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