The shares
of the London-listed mobile payment solutions provider Boku (LSE: surged over
7% today (Tuesday) and tested two-year highs following the presentation of the
company’s latest trading update for 2023.
The
published information indicated that Boku achieved better-than-expected results
while anticipating continued growth momentum into 2024.
The company
reported strong growth in revenues and adjusted EBITDA compared to 2022.
Revenues are expected to be at least $82.7 million, up 30% year-over-year (YoY)
or 33% on a constant currency basis. This growth was driven by increasing
transaction volumes from major global merchants.
Adjusted
EBITDA is anticipated to be at least $27.3 million, representing YoY growth of 33%.
This exceeds current market expectations despite Boku’s continued investments
in its payment network.
Boku also
saw significant growth in its Local Payment Methods (LPMs), which accounted for
$16.9 million in revenue in 2023. This represents 153% growth compared to LPM
revenues of $6.7 million in 2022.
Additional
operational highlights include 67.4 million Monthly Active Users on Boku’s
platform in December 2023, up 29%, and $10.5 billion in Total Payment Volume
for the year, up 19% or 23% on a constant currency basis.
Two-Year Highs for Boku on
the Chart
Boku’s
shares on the London Stock Exchange are rising by about 5% in response to the
publication of the trading update 2023, changing hands at 165 pence. Initially,
however, they tested 169 pence, opening with an upward gap and reaching the
highest levels in over two years.
Source: Yahoo Finance
This makes
Boku the second company in the payments sector today covered by Finance
Magnates, whose shares have risen to the highest levels since January 2022.
Earlier, a similar jump was observed in Cornerstone’s shares following news of
a partnership with Mastercard.
Boku Changes the CEO
The
positive update occurred as Stuart Neal takes over as the CEO, replacing the
retiring Jon Prideaux.
“It is
very pleasing to be picking up the reins at Boku with the Company experiencing
such incredible momentum,” Neal added. Neal also
expressed confidence that Boku’s success will continue into 2024 and beyond.
“We
finished 2023 strongly which gives us a good trajectory into this year and I am
confident the success of our strategy will continue in 2024 and beyond,”
the new CEO concluded.
The shares
of the London-listed mobile payment solutions provider Boku (LSE: surged over
7% today (Tuesday) and tested two-year highs following the presentation of the
company’s latest trading update for 2023.
The
published information indicated that Boku achieved better-than-expected results
while anticipating continued growth momentum into 2024.
The company
reported strong growth in revenues and adjusted EBITDA compared to 2022.
Revenues are expected to be at least $82.7 million, up 30% year-over-year (YoY)
or 33% on a constant currency basis. This growth was driven by increasing
transaction volumes from major global merchants.
Adjusted
EBITDA is anticipated to be at least $27.3 million, representing YoY growth of 33%.
This exceeds current market expectations despite Boku’s continued investments
in its payment network.
Boku also
saw significant growth in its Local Payment Methods (LPMs), which accounted for
$16.9 million in revenue in 2023. This represents 153% growth compared to LPM
revenues of $6.7 million in 2022.
Additional
operational highlights include 67.4 million Monthly Active Users on Boku’s
platform in December 2023, up 29%, and $10.5 billion in Total Payment Volume
for the year, up 19% or 23% on a constant currency basis.
Two-Year Highs for Boku on
the Chart
Boku’s
shares on the London Stock Exchange are rising by about 5% in response to the
publication of the trading update 2023, changing hands at 165 pence. Initially,
however, they tested 169 pence, opening with an upward gap and reaching the
highest levels in over two years.
Source: Yahoo Finance
This makes
Boku the second company in the payments sector today covered by Finance
Magnates, whose shares have risen to the highest levels since January 2022.
Earlier, a similar jump was observed in Cornerstone’s shares following news of
a partnership with Mastercard.
Boku Changes the CEO
The
positive update occurred as Stuart Neal takes over as the CEO, replacing the
retiring Jon Prideaux.
“It is
very pleasing to be picking up the reins at Boku with the Company experiencing
such incredible momentum,” Neal added. Neal also
expressed confidence that Boku’s success will continue into 2024 and beyond.
“We
finished 2023 strongly which gives us a good trajectory into this year and I am
confident the success of our strategy will continue in 2024 and beyond,”
the new CEO concluded.
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- Source: https://www.financemagnates.com//fintech/bokus-revenue-jumps-30-to-827-million-driven-by-increased-transaction-volumes/
