tiprankstipranks
Flywire Posts Larger-Than-Feared Loss, Revenues Surge 56% in Q2
Market News

Flywire Posts Larger-Than-Feared Loss, Revenues Surge 56% in Q2

Shares of global payments enablement and software firm Flywire (FLYW) gained 2.1% in extended trading on Tuesday after the company reported mixed financial results for the second quarter of 2021.

The company reported a loss of $0.35 per share, narrower than the year-ago loss of $0.87 per share but wider than the Street’s loss estimate of $0.14 per share. Quarterly revenue increased 56% year-over-year to $37 million, beating analysts’ expectations of $25.61 million.

Total Payment Volume surged 85% year-over-year to $1.9 billion, and Revenue Less Ancillary Services grew 77% to $33 million. (See Flywire stock chart on TipRanks)

The CEO of Flywire, Mike Massaro, said, “We believe our performance, as highlighted by our revenue growth, continues to demonstrate the demand for digital payments solutions and our ability to help our clients get paid and help their customers pay with ease from anywhere in the world. Additionally, in Q2 we saw positive growth trends with new client acquisition across our key verticals of education, healthcare, travel and B2B, as well as increased adoption of our solutions with current clients.”

For 2021, the company expects revenue in the range of $173 million to $178 million, and Revenue Less Ancillary Services to lie between $158 million and $161 million.

Two months ago, Goldman Sachs analyst Matthew O’Neill initiated coverage on the stock with a Buy rating and a price target of $53 (42.2% upside potential). In a research note to investors, the analyst said, “The company will continue to grow within its verticals due to its software-driven strategy.”

Overall, the stock has a Strong Buy consensus based on 9 unanimous Buys. The average Flywire price target of $43 implies 15.3% upside potential. Shares of the company have gained 6.2% over the past year.

According to TipRanks’ Smart Score rating system, Flywire scores an 8 out of 10, suggesting that the stock is likely to outperform market averages.

Related News:
Kornit Bounces Back to Profitability as Q2 Results Top Estimates
Poshmark Declines 7% Despite Solid Q2 Results
Paymentus Tops Q2 Expectations; Announces Payveris Acquisition

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles