Why AvidXchange Holdings Stock Triumphed Today
AvidXchange Holdings (NASDAQ: AVDX) posted its latest set of quarterly results on Wednesday before market open, and investors greeted the news warmly. They traded the stock nearly 14% higher across that trading session, a level that trounced the S&P 500 index's 2.5% advance.
AvidXchange's third quarter saw the fintech boost its revenue by 14% year over year; it came in at nearly $113 million. That was on the back of 9% growth in total payment volume, a crucial metric for the accounts payable specialist, to $21.5 billion. On the bottom line non-GAAP (adjusted) net income practically exploded, doubling and then some to almost $15.7 million ($0.08 per share).
Both figures topped the average analyst estimates, which were a shade under $111 million on the top line and $0.07 per share for adjusted net income.
Source Fool.com
