Anyone who wanted a win today needed look no farther than payment processing service Paymentus (NYSE:PAY), which delivered in a big way with its earnings report, released earlier today. Paymentus blasted up nearly a third of its total value, showing off that this bill payment platform can really pull interest, and users.
Paymentus’ earnings report was a juggernaut, blasting through analysts’ expectations like they were barely there. While analysts expected earnings per share of $0.01, Paymentus brought in $0.08. Meanwhile, revenue was a similar beat; where analysts looked for $144.59 million, Paymentus tipped the scales at $148.9 million. Not only was that a win, it was also a beat against the second quarter of last year’s figures, a beat of 24.1%, no less.
That was enough for Goldman Sachs analyst Will Nance to upgrade his position on Paymentus, taking it from Sell to “neutral.” Nance noted that Paymentus saw a lot of unexpected success, particularly in terms of increasing prices and reducing the impact of those increased prices to its customers. It also doesn’t hurt, as a report in PYMNTS noted, that Paymentus also added a range of new clients in several different industries, from retail and insurance to government agencies and even a “global technology service provider.”
The news comes at a good time for Paymentus. A look at the last five days of trading shows that the payment processor was up slightly for a while, before losing ground and beginning a recovery. However, when the news landed today, Paymentus shot up, and then began a volatile back-and-forth battle to see how much of its gains it could hold on to. For everyone who held Paymentus shares yesterday, the good news is that the answer was “most of them.”
