Dave Shares Rise 12% On Second Consecutive Quarterly Profit

Dow Jones05-08

By Ben Glickman

Shares of Dave rose Tuesday after the company posted its second consecutive quarterly profit and kept up new member acquisition.

The stock was up 12% to $52 in midday trading, after touching its highest intraday level since June 2022. Shares are up more than sixfold since the start of the year.

The Los Angeles-based online bank, which provides customers with cash advances, posted a profit of $34.2 million, or $2.60 a share, in the quarter ended March 31, compared with a loss of $14 million, or $1.19 a share, a year earlier.

Dave's revenue rose 25% from a year ago to $73.6 million.

Chief Executive Jason Wilk said the company surpassed its expectations for growth and profit, with strong member acquisitions despite seasonal softness linked to tax refunds.

The company raised its full-year outlook for adjusted Ebitda, or earnings before interest, tax, depreciation and amortization, to $30 million to $40 million, compared with prior guidance of $25 million to $35 million.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

May 07, 2024 12:46 ET (16:46 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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