PAYO - Why Shares of Payoneer Global Are Falling Today
2023-05-09 13:11:37 ET
Shares of Payoneer Global (NASDAQ: PAYO) were trading more than 10% lower as of 12:30 p.m. ET Tuesday after the company reported its results for the first quarter.
Payoneer reported diluted earnings per share of $0.02 on revenue of more than $192 million. It slightly missed analysts' consensus earnings estimate, but beat expectations on revenue.
"We are in the very early innings of unlocking our full potential to be the global financial operating partner for emerging market SMBs (small- and medium-sized businesses)," CEO John Caplan said in the earnings release. "At the beginning of 2023, we committed to operating with a greater focus on customer segments and to growing the number of customers who meet our Ideal Customer Profiles. Active ICPs generate the vast majority of our volume and revenue, and in the first quarter we delivered 9% year-over-year growth in the number of active ICPs on our platform."
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Why Shares of Payoneer Global Are Falling Today