Nuvei posts 54% Y/Y decrease in net income in Q3 2022
Canadian fintech company Nuvei Corporation (TSX:NVEI) today reported its financial results for the three months ended September 30, 2022.
Revenue for the third quarter of 2022 increased 7% to $197.1 million from $183.9 million registered in the equivalent period a year earlier. Revenue was impacted unfavorably by changes in foreign currency exchange rates year-over-year by $11.5 million.
Revenue growth at constant currency was 13% with Revenue at constant currency increasing to $208.6 million from $183.9 million.
Net income decreased by 54% to $13.0 million from $28.0 million, primarily due to a $22.6 million increase in share-based payments.
Adjusted EBITDA increased to $81.2 million from $80.9 million. Adjusted EBITDA was impacted unfavorably by changes in foreign currency exchange rates year-over-year by approximately $5 million.
Philip Fayer, Nuvei’s Chair and CEO, commented:
“We are pleased with our results for the quarter, which exceeded the financial outlook previously provided. Results were driven by higher volumes and wallet share expansion as reflected in our constant currency volume growth of 38%, new client wins, our continued investment in technology and product offerings, and our geographic expansion.
We’re executing on our strategic initiatives and with the momentum we’re experiencing in the business year-to-date through October, we are increasing certain metrics as well as reaffirming the outlook for the full year 2022. We are also reiterating our medium and long-term targets.”