Shares in Nuvei Corp. NVEI-T were up nearly 20 per cent in trading Wednesday morning after the company reported its revenue rose more than 50 per cent and raised its financial guidance.
The Montreal-based payment technology company, which keeps its books in U.S. dollars, reported late Tuesday it lost US$18.1-million or 14 cents per share for the quarter ended Sept. 30 compared with net income of US$13.0-million or eight cents per share a year earlier.
Revenue for the quarter totalled US$304.9-million, up from US$197.1-million in the same quarter last year.
On an adjusted basis, Nuvei says it earned 39 cents per diluted share, down from an adjusted profit of 43 cents per diluted share a year earlier.
In its outlook, Nuvei says it expects revenue for 2023 between US$1.18-billion and US$1.2-billion, up from earlier expectations for between US$1.17-billion and US$1.2-billion. Adjusted earnings before interest, taxes, depreciation and amortization for the full year are expected between US$427-million and US$435-million, up from earlier guidance for between US$417-million and US$432-million.
Nuvei shares were up $4.11 or nearly 19 per cent at $25.80 in late-morning trading on the Toronto Stock Exchange.