Why Paysafe Stock Popped Today

Shares of Paysafe (NYSE: PSFE) were up 22.6% as of 3:30 p.m. ET Tuesday after the payments-platform company announced strong quarterly earnings.

For its third quarter of 2023, Paysafe's revenue grew 8% year over year (or 5% at constant currency) to $396.4 million, translating to adjusted (non-GAAP) net income of $35.3 million, or $0.57 per share. Analysts, on average, were expecting earnings of only $0.05 per share but on revenue of $398.3 million.

Within its top line, revenue from Paysafe's merchant-solutions segment rose 6% to $216.8 million, while the digital-wallets segment revenue grew 12% to $182.9 million. Total payment volume climbed 8% to $35.1 billion.

Source Fool.com