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Shift4 Payments, Inc (NYSE:FOUR) reported fiscal second-quarter 2024 gross revenue growth of 30% year-on-year to $827.00 million, missing the analyst consensus estimate of $857.23 million.
The payment processing company’s adjusted EPS of 96 cents beat the analyst consensus estimate of 86 cents. The stock gained after the print.
Payments-based revenue improved from $600.1 million a year ago to $755.8 million. Subscription revenue was $71.2 million, up from $36.9 million a year ago.
Gross revenue minus network fees improved to $320.6 million vs. $228.1 million a year ago, up by 41% year-over-year.
End-to-end payment volume climbed 50% year-over-year to $40.1 billion. Adjusted EBITDA improved 48% year-over-year to $162.4 million. The margin expanded by 300 bps to 51%.
FY24 Outlook: Shift4 reiterated gross revenue minus network fees outlook of $1.35 billion–$1.38 billion (prior $1.30 billion–$1.35 billion).
The company expects end-to-end payment volume of $167 billion–$172 billion (prior $167 billion–$175 billion).
It projects an adjusted EBITDA of $662 million–$689 million (prior $640 million–$675 million).
Price Action: FOUR shares traded higher by 7.62% at $68.37 at the last check Thursday.
Posted In: FOUR
