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PAY - Why Paymentus Holdings Stock Was Plunging Today
Verifone Systems Inc.
Shares of Paymentus (NYSE: PAY) , a cloud-based bill payment software company were falling Thursday after the company delivered its second-quarter earnings report and slashed its 2022 guidance.
As a result, the stock was down 29.4% as of 1:15 p.m. ET.
Paymentus said second-quarter revenue increased 28.3% to $120 million, which topped analysts' estimates of $117.8 million. Transactions were up 39.4% to 89.5 million, and gross profits rose 24% to $35.8 million.