Paysafe Q2 Loss Narrows, Lifts FY23 Revenue Outlook; Stock Up In Pre-market

(RTTNews) - Paysafe Ltd. (PSFE), a payments platform, Tuesday reported a narrower loss for the second quarter on higher revenues. The company also raised its full-year revenue outlook, while maintaining its earnings guidance.

For the quarter, the company reported loss of $1.8 million or $0.03 loss per share, narrower than loss of $658.7 million or $10.89 loss per share last year.

Excluding items, the digital commerce solutions provider reported earnings of $34.7 million or $0.56 per share compared to $37.5 million or $0.62 in the previous year.

On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues increased 6 percent to $ 402.3 million from $378.91 the previous year, on higher volumes. The Street estimate for revenue was $394.16 million for the quarter.

Looking ahead to the full year, the company now raised its revenue growth outlook guidance to the range of 6.5 percent to 7.5 percent on the basis of the results to date. Previous projection was in the range of $1.580 to $1.600 billion.

The company also maintains more than 100 basis points of adjusted EBITDA margin expansion for the full year.

In pre-market activity, shares of Paysafe are trading at $12.50, up 5.75% on the New York Stock Exchange.