Payoneer Reports Second Quarter 2024 Financial Results
Intellectia.AI2024-08-08
Payoneer Reports Second Quarter 2024 Financial Results
Payoneer Global Inc. ("Payoneer") (NASDAQ:PAYO), a financial technology company, announced its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 (Reported) | Q2 2023 | Q1 2024 | YoY Change | QoQ Change | Consensus Estimate (Q2 2024) |
|---|---|---|---|---|---|---|
| Total Revenue | $225M | $185M | $210M | +21.6% | +7.1% | $223.08M |
| Earnings Per Share (EPS) | $0.07 | $0.03 | $0.05 | +133.3% | +40% | $0.05 |
Payoneer's financial performance in Q2 2024 shows robust growth across key metrics. Total revenue increased by 21.6% year-over-year and 7.1% quarter-over-quarter, surpassing the consensus estimate. The EPS of $0.07 exceeded both the prior year and quarter results, as well as the consensus estimate.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Volume | YoY Change |
|---|---|---|---|
| B2B Transactions | $2.5B | $1.78B | +40% |
| Marketplace Transactions | $11.4B | $9.91B | +15% |
| Merchant Services (Checkout) | $119M | $40.8M | +192% |
| Enterprise Payouts | $4.7B | $3.59B | +31% |
| Payoneer Card Spending | $1.2B | $902M | +33% |
B2B and marketplace segments showed significant year-over-year volume growth, driven by strong customer acquisition and new cohorts. Merchant services (Checkout) volume surged by 192%, reflecting doubled usage by $10K+ customers. Enterprise payouts also grew by 31%, particularly within the travel vertical.
Key Operational Data
| Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Active ICP Growth | 10% | n/a | - |
| Number of $10K+ ICPs | 7% | n/a | - |
| Customer Funds (as of 06/30/24) | $6.0B | $5.5B | +9% |
| Share Repurchases | $47M | n/a | - |
| Weighted Average Share Price | $5.33 | n/a | - |
The company's operational metrics demonstrate effective business expansion, with significant growth in active ICPs, large ICPs, and customer funds. The company also executed substantial share repurchases at a favorable price.
Executive Comments
Company executives praised consistent execution and strategic acquisitions, like the purchase of Skuad, enhancing Payoneer's integrated financial stack for SMBs operating internationally. They emphasized customer growth in China and strong performance from ecommerce platforms.
Dividends & Share Repurchase Program
The company announced share repurchases worth $47 million at a weighted average price of $5.33 but did not declare any dividends this quarter.
Forward Guidance
Payoneer raised its financial guidance for 2024, signaling confidence in continued business growth and operational efficiencies.
Stock Price Movement
Following the earnings release, Payoneer's stock price increased by 7.714%, reflecting positive market reception to the strong financial performance and forward guidance.
For additional details, visit the investor relations section on Payoneer's website.
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