Shares of Flywire (NASDAQ: FLYW) were soaring today after the payments platform turned in better-than-expected revenue in its second-quarter earnings report. The stock closed up 12.8% on the results.
Flywire, which offers vertical-specific payments to businesses to handle accounts receivables, said that revenue in the quarter grew 53% to $56.5 million, ahead of estimates at $49.1 million. Total payment volume was up 49% to $2.9 billion.
Further down the income statement, gross margin narrowed from 60.8% to 58.8%. Flywire's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss expanded from $0.1 million to $6.1 million as it invests in technology and marketing, though management still said EBITDA was better than expected. On a GAAP basis, the company posted a per-share loss of $0.22, which was worse than estimates of a $0.14 loss per share.
Source Fool.com