Paymentus Holdings, a leading provider of cloud-based bill payment technology and solutions, has reported strong second-quarter results and forward-looking guidance, causing its shares to surge by 30% to $13.95. This marks the highest close for the stock since August 2022 and the largest percentage increase on record, bringing its year-to-date gains to an impressive 74%.
During the three months ended June 30, Paymentus swung to a net income of $5.8 million, or 5 cents a share, compared to a loss of $2.5 million, or 2 cents a share, in the same period last year. Adjusted earnings came in at 8 cents a share, surpassing analysts’ estimates of 1 cent.
Revenue also experienced significant growth, rising to $148.9 million from $120 million, driven primarily by an increase in transactions and higher average revenue per transaction. This exceeded the expectations of analysts, who had anticipated revenue of $144.8 million.
Looking ahead, Paymentus expects third-quarter revenue to fall between $150 million and $154 million, and fourth-quarter revenue to range from $152 million to $158 million. These forecasts align with analysts’ estimates. Moreover, for fiscal year 2023, the company has raised its revenue outlook to a range of $599 million to $609 million, showcasing its confidence in continued growth.
Chief Executive Dushyant Sharma expressed optimism about Paymentus’ performance, stating, “Paymentus generated robust bookings during the quarter, resulting in a solid backlog at quarter end. We believe this provides us good visibility going forward and sets the stage for achieving our anticipated growth in 2023 and into 2024.”
Overall, Paymentus Holdings has emerged as a standout player in the bill payment technology industry, delivering impressive financial results and demonstrating strong potential for future success.
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