11:09 AM EST, 11/05/2024 (MT Newswires) -- Shares of Payoneer Global ( PAYO ) soared intraday Tuesday after the digital payments company reported stronger-than-expected third-quarter growth and raised its full-year outlook amid business-to-business momentum.

Revenue climbed to $248.3 million for the three months ended Sept. 30 from $208 million the year earlier and surpassed the $225.5 million average analyst estimate on Capital IQ. Excluding interest income, revenue was up 24% to $183.1 million. Shares of Payoneer jumped 16% in Tuesday trade.

Earnings per share advanced to $0.11 from $0.03 year over year and topped the $0.05 analysts' view. Volume rose 25%, driven by a 57% increase in B2B volume to $2.8 billion. Merchant services, or checkout, volume increased 142% year-over-year to $153 million.

"We have generated 44% B2B growth for the first three quarters of 2024 compared to single-digit growth in 2023," Chief Executive John Caplan told analysts on a conference call, according to a Capital IQ transcript. "Within our B2B business, we're acquiring larger customers and expanding average transaction sizes."

Payoneer has delivered seven straight quarters of accelerating volume growth and is building on "significant momentum," Chief Financial Officer Bea Ordonez said in a statement. Management is raising the 2024 guidance to reflect the strong quarterly performance and higher expectations for growth and profitability in the fourth quarter, she said.

The payments processor now expects full-year revenue in the $950 million to $960 million range, compared with the $920 million to $930 million guidance it gave in August. Analysts are forecasting revenue of $928.7 million in the ongoing year.

The guidance for adjusted earnings before interest, taxes, depreciation and amortization was lifted to between $255 million and $265 million from $225 million to $235 million previously.

"We have confidence that our B2B business will continue to grow faster than the overall business and is a really massive long-term opportunity that we are in the position to capture globally," Caplan said on the call.

Price: 9.95, Change: +1.43, Percent Change: +16.78