Nuvei registers 19% Y/Y increase in revenue in Q2 2022
Payment platform Nuvei Corporation (TSX:NVEI) today reported its financial results for the three months ended June 30, 2022.
Total volume for the second quarter of 2022 increased 38% to $30.1 billion compared to $21.9 billion registered in the equivalent period a year earlier. eCommerce represented 87% of total volume.
Revenue increased 19% to $211.3 million from $178.2 million. Revenue was impacted unfavorably by changes in foreign currency exchange rates year-over-year by $9.4 million.
Revenue growth at constant currency was 24% with Revenue at constant currency increasing to $220.7 million from $178.2 million.
Net income decreased to $35.1 million from $38.9 million, primarily due to a $27.7 million increase in share-based payments to employees who joined the company as part of acquisitions completed during the third quarter of 2021 and other incentive grants.
Cash flow from operating activities increased by 7% to $91.5 million from $85.6 million.
Philip Fayer, Nuvei’s Chair and CEO, commented:
“We are amending our outlook for the remainder of the year due to unforeseen changes in currency, volatility in digital assets and cryptocurrencies, and caution with regard to global economic conditions. However, we are maintaining our medium and long-term targets, pursuant to which we aspire to achieve $1.0 billion of annual revenue, as we continue to grow, scale and position Nuvei for a sustainable future, driven by our resilient and durable business model and our ongoing investments in people, technologies and geographies.”