What happened
Shares of payments specialist Payoneer Global (PAYO) are rising today, up 15.3% as of 11:04 a.m. ET, after the company announced financial results for the fourth quarter of 2022 that pleased investors.
So what
Payoneer reported a net loss of $0.03 per share on total revenue of more than $183.5 million, beating analysts' estimates for both earnings and revenue.
The company also said that John Caplan, who was co-CEO, will become the sole CEO, effective today. The other former co-CEO, Scott Galit, will become a senior advisor and serve on the board of directors. Bea Ordonez, deputy CFO, is moving into the role of CFO.
"Payoneer is at a pivotal point in our evolution, and we are operating the business with a focus on long-term growth and operating efficiency," Caplan said in a statement. "We are becoming the partner of choice for emerging market [small and medium-sized businesses] who need to manage their global financial activities in an increasingly digital world."
In addition to exceeding analysts' expectations, investors really seemed to like Payoneer's outlook for 2023. At the high end of its range, the company is guiding for $810 million of revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $130 million, both of which would represent a significant step up from 2022 levels.
Now what
Payoneer beat estimates for the quarter and delivered stronger-than-expected guidance. If a severe global recession can be avoided, then payments companies like Payoneer can definitely do well. The economic outlook is still uncertain, but the business seems to be in a good position here.
