Nuvei shares spike after Q3 results

Shares of Canadian fintech stock Nuvei (Nuvei Stock Quote, Chart, News, Analysts, Financials TSX:NVEI) are leading the TSX today after the company reported third quarter results that bested the street’s expectations.

On November 7, NVEI reported its Q3, 2023 results. The company posted Adjusted EBITDA of $110.7-million on revenue of $304.9-million, a topline that was up 55 per cent over the same period last year.

“We continue to see momentum in the business, and we are raising our outlook for the full year,” the company said in a press release. “Daily average volumes in October and early November have remained consistent with our expectations, and we are not seeing any signs that the near-term spending environment has changed. In terms of our updated ranges for the full year, we are raising our outlook range for Total volume(a) and Adjusted EBITDA(b), and we are narrowing our outlook range by raising the low end for Revenue and Revenue at constant currency(b). These updates to our outlook ranges reflect our view of consistent execution into year end in driving margin expansion.”

At press time, shares of Nuvei were up 17.6 per cent to $25.50.