Stock Track | Kaspi.KZ Soars 5.89% Pre-Market on Strong Q3 Results, Beating Revenue Estimates

Stock Track11-10

Shares of Kaspi.KZ (KSPI) surged 5.89% in pre-market trading on Monday, November 10, 2025, following the release of its impressive third-quarter financial results. The Kazakhstan-based fintech company, which operates the Kaspi.kz and Kaspi Pay Super Apps, reported significant growth across its key business segments, surpassing analyst expectations.

Kaspi.KZ announced Q3 revenue of 1.1 trillion Kazakhstani Tenge (approximately $2.069 billion), substantially beating the FactSet estimate of 926.34 billion Tenge. The company's net income for the quarter rose to 278.05 billion Tenge ($530.4 million), up from 274.38 billion Tenge in the same period last year. This strong performance was driven by robust growth in multiple areas of Kaspi.kz's business:

- The Payments segment saw Total Payment Value (TPV) and transactions increase by 18% and 14% year-over-year, respectively. - The Marketplace platform showed impressive results, with purchases up 36% compared to the same period last year. - E-Commerce GMV (excluding smartphones) grew by 25% year-over-year, despite challenges in smartphone supply.

Despite facing headwinds such as smartphone supply disruptions in Kazakhstan and regulatory changes, Kaspi.kz demonstrated resilience in its core business. The company's focus on innovation, including the upcoming launch of Kaspi Alaqan (a pay-by-palm feature) and the integration of AI tools in its Marketplace, appears to be resonating well with investors.

Furthermore, Kaspi.kz raised its full-year 2025 net income growth outlook to 18-20% year-over-year, up from a prior forecast of 10-12%. The company also announced a $100 million ADS repurchase program, signaling confidence in its long-term growth prospects and commitment to shareholder value.

The significant pre-market stock price increase reflects investors' positive reaction to the company's strong performance, future outlook, and strategic initiatives. As part of a broader trend, technology stocks were rising in premarket trading, with Kaspi.kz standing out as one of the notable gainers in the sector.

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