{"id":267,"date":"2024-06-27T22:02:52","date_gmt":"2024-06-27T19:02:52","guid":{"rendered":"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/27\/paysafe-reports-third-quarter-earnings-reduces-full-year-outlook\/"},"modified":"2024-06-27T22:02:52","modified_gmt":"2024-06-27T19:02:52","slug":"paysafe-reports-third-quarter-earnings-reduces-full-year-outlook","status":"publish","type":"post","link":"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/27\/paysafe-reports-third-quarter-earnings-reduces-full-year-outlook\/","title":{"rendered":"Paysafe Reports Third-Quarter Earnings, Reduces Full-Year Outlook"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/mOiJ8A2gPqI\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Financial services provider Paysafe reported earnings for the third quarter, revealing income of $353.6 million (\u00a3264.2 million\/\u20ac308.2 million). This prompted the company to modify its full-year 2021 income projection.<\/p>\n<p>Paysafe reduced its expectations, with third-quarter income decreasing.<\/p>\n<p>The $353.6 million total was a slight decrease of 0.5% compared to Paysafe&#8217;s third-quarter 2020 results.<\/p>\n<p>Total income generated from integrated processing was $186.8 million, an increase of 3.5% year-over-year. Electronic cash solutions income rose by $90.1 million, a 9.9% increase, while digital wallet income decreased by 15.1% to $83.6 million.<\/p>\n<p>Intersegment eliminations offset $7.1 million of this total.<\/p>\n<p>However, costs increased. The cost of services reached $144.8 million, a 7.0% increase from the third quarter of 2020. Sales, general, and administrative costs totaled $111 million, a slight decrease of 1.6%.<\/p>\n<p>The company also reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of $106.4 million, a decrease of 0.8% year-over-year.<\/p>\n<p>Depreciation and amortization also decreased, down 6.5% to $61.8 million. Impairment charges related to intangible assets associated with the digital wallet segment totaled $337 million.<\/p>\n<p>These charges resulted in an operating loss of $301.1 million, a difference of $297.5 million compared to the $3.8 million loss recorded in the third quarter of 2020.<\/p>\n<p>Other income added $96.4 million in revenue, an increase of $102.9 million year-over-year. Interest expense reached $19.2 million, less than half the total in the third quarter of 2020. <\/p>\n<p>Paysafes pre-tax deficit surged to $223.9 million, a staggering $171 million jump from the same period in the previous year.<\/p>\n<p>This led to an overall net loss of $147.1 million for the quarter after an additional $76.8 million loss was generated from income tax advantages, a 280% increase year-on-year.<\/p>\n<p>These outcomes compelled Paysafe to reduce its full-year 2021 revenue projections from the initial range of $1.53 billion to $1.55 billion to $1.47 billion to $1.48 billion.<\/p>\n<p>&#8220;In the third quarter, we reported adjusted earnings before interest, taxes, depreciation, and amortization in line with expectations, although turnover was below expectations, reflecting market and performance difficulties in the digital wallet business,&#8221; stated Paysafe CEO Philip McHugh. &#8220;While recent trends will drive adjusted financial outlook, we continue to observe robust momentum across the enterprise.&#8221;<\/p>\n<p>&#8220;Our positioning to succeed in high-growth and disruptive markets, including online sports betting and digital currency, continues to accelerate, coupled with strong progress on our cost and technology platform objectives.&#8221;<\/p>\n<p>In September, Paysafe named Zach Cutler to lead its North American operations. Cutler previously held a management position at DraftKings.<\/p>\n<p>Subscribe to the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial services provider Paysafe reported earnings for the third quarter, revealing income of $353.6 million (\u00a3264.2 million\/\u20ac308.2 million). This prompted the company to modify its full-year 2021 income projection. Paysafe reduced its expectations, with third-quarter income decreasing. The $353.6 million total was a slight decrease of 0.5% compared to Paysafe&#8217;s third-quarter 2020 results. Total income [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Paysafe Q3 Earnings: Income Drops Slightly<\/title>\n<meta name=\"description\" content=\"Paysafe reports Q3 earnings, revealing a slight decrease in income compared to the previous year. 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