PSFE - Why Reverse Stock-Split Stock Paysafe Blasted Higher Today
2023-03-09 17:55:00 ET
Niche fintech company Paysafe (NYSE: PSFE) had a fine Thursday on the stock market. Its share price sprinted 3.6% higher on the day following its latest quarterly-earnings release, providing a sharp contrast to the nearly 2% decline of the bear-ravaged S&P 500 index.
For its fourth quarter of 2022, Paysafe earned revenue of just under $384 million, a 3% increase year over year. That was on the back of total payment volume that climbed 5% higher to hit slightly over $33 billion. On the other hand, non- GAAP (adjusted) net income fell to a bit more than $33 million ($0.54 per share) from the year-ago profit of almost $55.2 million.
Both headline results were well ahead of analyst estimates. On average, prognosticators tracking the stock were modeling only $375.5 million on the top line and $0.43 per share for adjusted net income.
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Why Reverse Stock-Split Stock Paysafe Blasted Higher Today