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Highlights
- Philip Faver, who is the chair and chief executive officer of Nuvei Corporation said that the company achieved several milestones in the third quarter.
- For the year ending December 31, 2021, Nuvei expects its total volume to be between US$ 90 to US$ 91 billion.
- Nuvei provides payment technology solutions to partners and merchants, and it derives most of its revenues from the United States.
Nuvei Corporation (TSX:NVEI) announced results for the third quarter of this year and said its revenue was US$ 183.9 million, an increase from US$ 93.8 million in Q3 2020.
Philip Faver, who is the chair and chief executive officer of Nuvei Corporation said that the company achieved several milestones in the third quarter. Notably, the financial results exceeded the previous outlook provided by the company, and Nuvei expanded its portfolio of alternative payment methods.
Mr Faver also said that Nuvei added new customers and completed three acquisitions that are expected to increase the company's geographical footprint, addressable market, and product capabilities.
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Should you buy the stock of Nuvei Corporation (TSX:NVEI)?
The NVEI stock performance has been on an upward trajectory. It skyrocketed by 159 per cent in the last 12 months and outpaced the TSX 300 Composite Index's growth of 96 per cent.
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The company provides payment technology solutions to partners and merchants, and it derives most of its revenues from the United States.
In October 2021, Nuvei Corporation said that its wholly-owned subsidiary was granted an online gaming service vendor registration in Connecticut, and it will now provide payment processing technology to online gaming operators.
The company has also collaborated with Visa to offer its clients access to fast payouts via Visa Direct's implementation. Notably, Nuvei Corporation connects merchants with their customers across 200 global markets.
Bottom line
For the year ending December 31, 2021, Nuvei expects its total volume to be between US$ 90 to US$ 91 billion, up from a range of US$ 88-US$ 91 billion.
Nuvei Corporation now expects to clock a revenue between US$ 717 to US$ 723 million in 2021, up from the previous guidance of US$ 690 to US$ 705 million.
Meanwhile, in Q3 2021, the net income was US$ 28 million compared to a net loss of US$ 77.9 million in Q3 2020.
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