Why Paysafe Stock Dropped Today
Shares of Paysafe (NYSE: PSFE) plunged on Monday, following the release of the digital payments company's second-quarter results. As of 2:50 p.m. EDT, Paysafe's stock price was down more than 15%.
Paysafe's revenue rose 13% year over year to $384.3 million, fueled by a 41% surge in total payment volume, to $32.3 billion. Its net income, in turn, improved to $6.6 million, compared to a net loss of $15.9 million in the year-ago quarter.
"We are pleased with the continued momentum Paysafe exhibited over the second quarter with impressive growth and several key wins across iGaming and other attractive digital commerce verticals, including crypto," CEO Philip McHugh said in a press release.
Source Fool.com
