Payoneer Global (NASDAQ:PAYO) stock gapped down 15.9% in Wednesday premarket trading after issuing 2024 guidance for revenue and adjusted EBITDA that fell short of Wall Street expectations. Even so, its Q4 earnings and revenue both came in better than expected.
The payments and commerce-enabling platform expects 2024 revenue of $875M-$885M, trailing the $910.0M consensus (10 estimates). Transaction costs are expected to be about 17.5% of revenue.
It sees 2024 adjusted EBITDA of $185M-$195M, also missing the $208.9M Visible Alpha consensus.
The outlook “reflects accelerating business momentum over the course of the year as we focus on acquiring and retaining active [ideal customer profiles], increasing customer adoption of multiple products and services, and driving our two growth engines: B2B and Merchant Services,” said Chief Financial Officer Bea Ordonez.
Q4 GAAP EPS of $0.07, topping the $0.06 average analyst estimate, advanced from $0.03 in the prior quarter and -$0.03 a year before.
Q4 revenue of $224.3M, vs. $221.4M expected, rose from $208.0M in Q3 and $183.6M in the year-earlier period.
Transaction costs as a percent of revenue was 16.2% in Q4, up from 14.6% in Q3 and down from 16.6% in Q4 2022.
Adjusted EBITDA came in at $52.2M compared with $58.2M in Q3 and $10.6M in Q4 2022.
Total B2B volume gained 13% from a year ago, and Merchant Services volume increased more than 400% Y/Y.
Earlier, Payoneer Global (PAYO) GAAP EPS of $0.07 beats by $0.01, revenue of $224.32M beats by $2.9M.