The online payments-solution provider
Paysafe
reported slightly weaker-than-expected third-quarter results but kept its forecast for the full year unchanged, a move that helped lift its stock on Tuesday.
Paysafe
(ticker: PSFE), based in the U.K., reported earnings of 57 cents a share for the quarter ended in September, slightly lower than the 60 cents expected by analysts tracked by
FactSet.
Revenue of $396.4 million also was lower than expectations of $398.2 million.
Still, the stock rose 19% to $12.70 after markets opened on Tuesday. The broader market was higher as well: The
S&P 500
was 1.8% higher as investors welcomed news that the rate of inflation slowed more than expected in October.
Investors may have been pleased knowing that Paysafe is still on track to achieve its full-year targets even though its quarterly results were lower than analysts had forecast. The company said adjusted earnings before interest, taxes, depreciation, and amortization, a metric used to judge core profitability, was expected to come in between $454 million and $462 million for the full year.
The forecast was in line with Wall Street’s projection of $459 million in adjusted Ebitda for the year and matched a forecast the company issued in August.
The company estimated full-year revenue will be between $1.595 billion and $1.608 billion in 2023, more or less in line with expectations for $1.604 billion among Wall Street analysts. The revenue outlook also matched prior guidance.
Write to Karishma Vanjani at karishma.vanjani@dowjones.com.
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