NEW YORK - Payoneer Global Inc. (NASDAQ:PAYO) reported mixed second quarter results on Thursday, with earnings surpassing expectations but revenue falling short. The global payment and commerce-enabling platform saw its shares jump 11.6% in pre-market trading following the announcement.
For the second quarter, Payoneer posted adjusted earnings per share of $0.09, beating the analyst estimate of $0.07 by $0.02. However, the company's revenue came in at $206.7 million, missing the consensus estimate of $223.12 million. Compared to the same quarter last year, revenue increased by 39%.
The company's CEO, John Caplan, commented on the results, stating, "We delivered another strong quarter of profitable growth, demonstrating the power of our diversified business model and our ability to drive operating leverage."
Despite the revenue miss, investors appeared to focus on the earnings beat and the company's overall growth trajectory, as evidenced by the significant stock price increase in pre-market trading. The 11.6% surge suggests a positive market response to Payoneer's financial performance and outlook.
Payoneer's results highlight the company's ability to improve profitability even as revenue growth faced challenges. The firm's focus on operational efficiency and its diverse global presence likely contributed to the earnings outperformance, offsetting concerns about the top-line miss.
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