Paysafe Shares Plummet 24% After 3Q Loss Widens, Earnings Miss Estimates

Dow Jones11-14

By Connor Hart

Shares of Paysafe fell after the payments platform widened its net loss and missed analyst expectations in the third quarter.

The stock was down 24%, to $19.39, on Wednesday afternoon. Despite a downturn in the last month, shares are up 51% since the beginning of the year.

The London company earlier reported a loss of $13 million, or 21 cents a share, compared with a loss of $2.5 million, or 4 cents a share, a year ago. The wider loss was largely from an increase in other expenses due to a loss on foreign exchange, the company said.

On an adjusted basis, the company posted a profit of 51 cents a share, which missed analysts' expectations of 61 cents a share, according to FactSet.

Revenue increased 8%, to $427.1 million, beating the $423.2 million that analysts polled by FactSet expected. The company's top line was boosted by higher total payment volumes, which increased 7%, to $37.5 billion.

Paysafe backed its full-year revenue outlook of between $1.71 billion and $1.73 billion, in line with the projections of analysts surveyed by FactSet.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

November 13, 2024 14:32 ET (19:32 GMT)

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

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