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Jun 30, 2023
Payoneer Q2 2023 Earnings Report
Payoneer reported record quarterly revenue with significant profitability expansion and strategic investments.
Key Takeaways
Payoneer's Q2 2023 results showcased record revenue, up 40% year-over-year, driven by growth in active ICPs and increased monetization. Net income saw a substantial increase, and the company announced strategic acquisitions and partnerships to further growth.
Revenue increased by 40% year-over-year, reaching a record $206.7 million.
Net income increased significantly to $45.5 million, a 930% increase year-over-year.
Active ICPs grew by 6% year-over-year, with larger ICPs growing by 18%.
The company announced an agreement to acquire a licensed China-based payment service provider.
Payoneer
Payoneer
Payoneer Revenue by Geographic Location
Revenue by Geographic Location
Greater China Revenue
CapyFin.comEMEA Revenue
CapyFin.comAsia-Pacific Revenue
CapyFin.comNorth America Revenue
CapyFin.comLatin America Revenue
CapyFin.com Forward Guidance
Payoneer raised its full year 2023 guidance, expecting revenue between $820 million and $830 million and adjusted EBITDA between $160 million and $170 million.
Positive Outlook
- Steady acquisition of ICPs.
- Significant revenue growth.
- Margin expansion.
- Investment for future growth.
- Expected $210 million of interest income revenue for the full year.
Challenges Ahead
- Cannot reconcile its expected adjusted EBITDA to expected net income under “2023 Guidance” without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time, which unavailable information could have a significant impact on the Company’s GAAP financial results.
- Forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.
- These forward-looking statements are based upon estimates and assumptions that are inherently uncertain.
- Changes in applicable laws or regulations could affect results.
- Geopolitical and other economic, business and/or competitive factors could adversely affect results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income