PAYO - Why Payoneer Global Stock Was Up Today
2023-08-08 13:13:00 ET
Shares of Payoneer Global (NASDAQ: PAYO) were up 8% as of 11:22 a.m. ET on Tuesday after delivering better-than-expected earnings results for the second quarter. Record quarterly revenue and improving profitability boosted investor confidence in this beaten-down payment services stock.
Revenue came in at $206.7 million, up 40% year over year, beating the consensus analyst estimate that called for $197 million. Payoneer offers payment and financial services to small- and medium-sized businesses in emerging markets and is making progress in expanding its active ideal customer profiles (ICPs) -- a key performance metric for the company.
ICPs were up 6% year over year but grew 13% in certain international markets, including Latin America and the Asia-Pacific region. The company is also making a play for larger customer profiles with new products like scheduling payments and card spend limits.
For further details see:
Why Payoneer Global Stock Was Up Today