Nuvei Tempers Yearly Expectations Due to Crypto Volatility
Payments technology firm Nuvei (NVEI) has tempered its outlook for the remainder of 2022 after its Q2 revenue fell short of expectations, partly due to volatility in cryptocurrencies.
The Canada-based firm reported revenue of $211.3 million for the quarter-ended June 30 an increase of 19% compared to the corresponding period a year ago.
However, the figure fell below its outlook range of $217 million-$223 million. The firm attributes this to a number of factors including crypto volatility.
The firm estimated that higher volatility and lower volume than anticipated negatively impacted its revenue by around $4 million.
“We are amending our outlook for the remainder of the year due to unforeseen changes in currency, volatility in digital assets and cryptocurrencies, and caution with regard to global economic conditions," CEO Philip Fayer said.
Nuvei partnered with Visa (V) last December to introduce crypto-friendly debit cards across Europe. This was followed closely by a partnership with crypto exchange FTX to offer instant payments to users buying crypto.
Nuvei's Nasdaq-listed shares were down slightly at $41.90, during pre-market trading.
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