PSFE - Why Paysafe Stock Skyrocketed Today
2024-05-14 17:18:08 ET
Paysafe (NYSE: PSFE) stock soared Tuesday following the release of the company's first-quarter results. The payment technologies specialist's share price closed out the daily session up 20.2%, according to data from S&P Global Market Intelligence .
Paysafe published its Q1 results after the market closed on Monday, posting sales and earnings for the period that beat Wall Street's expectations. The business recorded non-GAAP (adjusted) earnings per share of $0.57 on sales of $417.7 million, beating the average analyst estimate's call for per-share earnings of $0.55 on revenue of $408.2 million.
Paysafe's revenue increased 8% year over year in the first quarter, with gains largely driven by an increase in total payment volume. The total value of transactions processed through the company's platform rose 7% compared to the prior-year period to reach $36.1 billion. Thanks to the improved sales picture, the business's adjusted net income rose roughly 7% year over year to hit $35.3 million even as the company continued to expand its sales team.
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Why Paysafe Stock Skyrocketed Today