PSFE - Paysafe stock drops to new record low after Q1 net loss widened

U.K.-based Paysafe (NYSE:PSFE) shares are falling more than 10% to new all-time lows in Wednesday morning trading, as it recognized a hefty non-cash impairment charge during the first quarter, contributing to an overall wider net loss. Net loss attributable to the company was $1.2B as of March 31, compared with -$60.65M as of March 31, 2021, driven by an impairment of goodwill amid sustained declines in PSFE stock and market cap, as well as macro headwinds. Revenue of $367.67M in Q1 topped the average analyst estimate of $360.15M, but slid from $377.4M in the year-ago period. Adjusted EBITDA was $104M in Q1 vs. $113.23M in Q1 a year ago. Still, Paysafe (PSFE) experienced "strong performance from our US Acquiring business, which delivered double-digit volume, revenue and adjusted EBITDA growth," during Q1, said CFO Izzy Dawood. Total payment volume of $31.2B climbed 13% the same period of last year. Take a look at Paysafe's

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Paysafe stock drops to new record low after Q1 net loss widened