Paysafe Limited announced its financial results for the third quarter of 2024, reporting revenue of $427.1 million, an 8% increase year-over-year, or 7% on a constant currency basis. Total Payment Volume (TPV) reached $37.5 billion, marking a 7% increase compared to the third quarter of 2023. The company also reported adjusted earnings per share of 51 cents, surpassing analyst expectations of 2 cents.
Despite the revenue and adjusted EPS beats, Paysafe recorded a net loss of $13.0 million, or ($0.21) per diluted share, for the quarter. This net loss compares to a prior year period where a net loss was also reported. Adjusted EBITDA grew by 1% to $117.8 million, or 1% on a constant currency basis.
The company reaffirmed its full-year outlook for 2024, indicating confidence in its ongoing strategic transformation. Net leverage decreased to 4.7x as of September 30, 2024, reflecting efforts to optimize its financial structure. The market reaction to these results was mixed, with some analysts noting weak profitability despite revenue growth.
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