Payoneer Global (PAYO) Reports First Quarter Financial Results

Payoneer Global Inc ( PAYO ) reported a 19% year-over-year increase in total revenue, with a record 29% adjusted EBITDA margin. The company also experienced a significant increase in volume growth, with a 21% increase in Q1. B2B volume growth was 33% in Q1, a significant increase from 13% in the previous quarter. Free cash flow conversion was well above 100% year-to-date. Share repurchases were $51 million worth of shares bought back during the quarter.

Payoneer Global's 2024 revenue guidance was raised by $20 million, expecting between $895 million and $905 million. Adjusted EBITDA guidance was increased by $15 million to be between $200 million and $210 million. However, the company faced challenges such as a decrease in Q1 take rate, an increase in transaction costs, a rise in sales and marketing expenses, and a reduction in general and administrative expenses due to headcount cuts.

Despite these challenges, Payoneer Global's earnings per share was 8 cents, above the analyst estimate for EPS of 5 cents. The company reported revenue of $228.18 million, 7.85% better than the analyst estimate of $211.58 million.

Technical Outlook
Payoneer Global ( PAYO ) is up 1.39% as of the time of writing. PAYO is clearly overbought with a Relative Strength Index (RSI) of 74.29. The stock is above the 200,100 and 50- Moving Averages (MA) respectively.