At a time when tech names in public markets are seemingly reporting disastrous first quarter 2022 earnings results, Payfare Inc (TSX: PAY) is apparently looking to stand out in the crowd. The company this morning broke trend from several of its tech peers, increasing its revenue guidance for the first quarter as well as the full year.
Guidance from the company, which previously saw revenues guided to be between $90 and $100 million, has now been raised to between $115 million and $125 million for the year. On a mid-point basis, the lift represents a 26% increase in guidance, with the lift coming just over a month after the prior guidance was issued.
In terms of the first quarter, guidance has risen from a range of $21 to $23 million to that of $24.5 million to $25.0 million. The lift in guidance is said to indicate “the continued adoption of the Payfare solution.” The company also indicated that it has seen active users jump more than 35% during the quarter to 690,000 users.
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Full financial results for the first quarter are set to be released May 11.
Payfare Inc last traded at $6.00 on the TSX.
Information for this briefing was found via Sedar, and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
