Wednesday morning saw a roughly 20% increase in Nuvei Corp. shares following the company’s announcement that its revenue had increased by more than 50% and that its financial projection had been enhanced.
The payment technology business, based in Montreal and with its books kept in U.S. dollars, announced late on Tuesday that it had lost US$18.1 million, or 14 cents per share, for the quarter that ended on September 30. In comparison, the same period last year saw net income of US$13.0 million, or eight cents per share.
Compared to the same quarter previous year, when revenue was US$197.1 million, the quarter’s revenue increased to US$304.9 million.
Nuvei reports that it made 39 cents per diluted share on an adjusted basis, which is less than the 43 cents per diluted share it made the previous year.
According to Nuvei’s prognosis, revenue for 2023 is expected to range from US$1.18 billion to US$1.2 billion, up from previous projections of US$1.17 billion to US$1.2 billion. After previously providing guidance of between US$417 million and US$432 million, adjusted earnings before interest, taxes, depreciation, and amortization are now expected to be between US$427 million and US$435 million for the entire year.
On the Toronto Stock Exchange, Nuvei shares were up $4.11, or almost 19%, at $25.80 in late morning trading.
Canada’s Montreal is home to Nuvei Corporation, a payment processor. With Nuvei’s pay-in and payout solutions—which include card issuance, banking, risk, and fraud management services—businesses may accept over 570 different payment methods. The company launched its $700 million initial public offering (IPO) on the Toronto Stock Exchange in September 2020.At the time, the largest technology firm offering on the Toronto Stock Exchange was the Canadian IPO. A year later, in October 2021, Nuvei’s $424.8 million initial public offering (IPO) on the Nasdaq was completed.
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