01:35 PM EDT, 08/07/2024 (MT Newswires) -- Payoneer Global ( PAYO ) on Wednesday raised its full-year financial outlook following a second-quarter beat, sending the payment company's shares surging.

Payoneer now expects 2024 revenue of $920 million to $930 million, up from its prior outlook of between $895 million and $905 million. Analysts polled by Capital IQ are looking for $908.2 million. The company now pegs adjusted earnings before interest, taxes, depreciation, and amortization at $225 million to $235 million, up from its previous range of $200 million to $210 million.

The increased outlook reflects Payoneer's "significant" second-quarter outperformance and momentum heading into the second half of the year, Chief Financial Officer Bea Ordonez said in a statement.

Earnings fell to $0.09 a share in the quarter through June 30 from $0.12 a year earlier, while revenue jumped 16% to $239.5 million, topping Wall Street's views for $0.05 and $223.1 million, respectively.

The company's shares were up 22% in Wednesday afternoon trade.

Volume soared 22% year over year to about $18.7 billion in the second quarter, led by a 192% jump in merchant services and a 40% gain in business-to-business.

Active ideal customer profiles, or ICPs, rose 10% to 547,000. Payoneer defines active ICPs as customers with a company account that have on average more than $500 a month in volume and were active over the trailing 12-month period. Payoneer said second-quarter results include 7% growth in larger ICPs who have on average more than $10,000 a month in volume. Both volume and revenue from such ICPs grew more than 20%.

"Payoneer delivered another consecutive quarter of record revenue, accelerating volume and ICP growth, and significant profitability," Chief Executive John Caplan said. Spending on Payoneer cards rose 33% to $1.2 billion, according to a statement.

The company on Monday acquired Singapore-headquartered Skuad for $61 million in cash and up to an additional $20 million of future payments in cash and equity, subject to certain milestones. Payoneer said the workforce and payroll management company's acquisition is expected to help deliver "a comprehensive and integrated financial stack" for small- and medium-sized businesses that operate internationally.

Price: 6.39, Change: +1.14, Percent Change: +21.64