HomeNewsThursday’s recap: Impressive quarterly results boost stocks, Paysafe tanks on missed estimates, Evergrand makes an interest payment

Thursday’s recap: Impressive quarterly results boost stocks, Paysafe tanks on missed estimates, Evergrand makes an interest payment

Emmanuel Ekwomadu

  • iMage, Payoneer, and Affirm shares gain on impressive quarterly results
  • Paysafe tanks after missing Wall Street estimates
  • Evergrande avoids default on interest payment on  dollar bonds

Various stocks gained in Thursday after positing impressive quarterly results, but property stocks continue to struggle in China as the industry deals with liquidity problems.

iMage almost doubled Q1 2022 YoY revenue 

iMage Technologies Inc. (NYSEAMERICAN: MITQ) shares were up 40% in extended trading on solid fiscal Q1 2022 results. The digital cinema firm almost doubled its YoY revenue from $1.8 million to $3.5 million. The company had a loss of $0.6 million or $0.06 per share compared to a loss of $0.4 million or $0.07 per share a year ago. iMage had $7.7 million worth of backlog at the end of the quarter with cash and equivalents of $11 million.

Payoneer up 15% in impressive Q3 2021 results 

Commerce tech company Payoneer Global (NASDAQ: PAYO) also gained 15% in impressive Q3 2021 financial results. Revenue was up 35% YOY from $90.5 million in Q3 2020 to $122.7 million in Q3 2021. Net income was $0.8 million relative to $1.6 million a year ago. In addition, the company reported a positive adjusted EBITDA of $6.1 million, reflecting a YoY increase of 138%.

Affirm Holdings added 100,000 new merchants in fiscal Q1 2022

Affirm Holdings (NASDAQ: AFRM) went up 25% after the payment system that assists merchants to empower consumers and drive growth topped its Q1 forecasts and revised its gross merchandise volume outlook. Over the past year, the company has added more than 100,000 active merchants to its platform. GMV in Q1 was $2.7 billion reflecting an 84% YoY increase with total revenue growing 55% to $269.4 million. Affirm Holdings’ growth is driven by interest income increase in loans from investments.

Paysafe tanks after missing Q3 Wall Street estimates 

Paysafe Limited (NYSE: PSFE) stock tanked to a record low after the Blackstone Group and CVC Capital Partners-backed payment processing company reported weaker than anticipated Q3 revenue and slashed full-year profit projections. The company revenue of $353.6 million and earnings of $106.4 million are missing both Wall Street revenue and earnings estimates. As a result, the company has slashed its adjusted earnings and revenue by $60 million and $70 million, respectively.

Evergrande avoids default on interest payments 

Troubled Chinese developer, China Evergrande Group (HKG-03333), averted default on dollar bonds interest payments by making payments at the last minute. Many expected the company to default after the lapse of the 30-day grace period. Chinese real estate developers have been facing liquidity issues prompting the possibility of Beijing taking measures to alleviate the situation.