Payoneer Inc. (PAYO), a cross-border payment and commerce-enabling platform is trading at $8.19 at the time of the writing after declining 0.73% in aftermarket trading session. There appears to be no obvious reason for this decline, with the last press release by the company dates as far as 9th September. On Friday, PAYO stock declined 1.79% during regular trading hours and closed the day at $8.25.
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New appointments in PAYO
PAYO announced some key appointments on 9th September 2021. The appointments were meant to strengthen the company’s leadership team and the board. The Chief Operating Officer of Payoneer, Keren Levy, was appointed as the President. She was to focus on increasing Payoneer’s global profile as it scaled. Besides, she also continued to head Merchant Services, one of Payoneer’s fastest-growing and newest business lines. Scott Galit, Chief Executive Officer at Payoneer, said that Karen had been critical to shaping the corporate culture that defines the company. Apart from Karen, Arnon Kraft joined the company as its Chief Operating Officer. Arnon has global experience in large enterprises, including SanDisk and Microsoft. Gailt welcomed him and hoped that his leadership experience would expand the company’s operations. Payoneer also inducted Pamela H. Patsley into its Board of Directors. Pamela most recently served as the executive chairman of MoneyGram International. Galit said that the company is thrilled to welcome some of Pamela’s stature to the Board.
Q2 2021 financial results
On 11th August, PAYO reported the financial results for the second quarter of fiscal 2021, which ended 30th June. The company generated $110.92 million in terms of revenue during the period against $78.38 million for the same period of 2020. The total operating expenses for the quarter were $129.28 million against $84.12 million for the same quarter of 2020. The operating loss for three month period was $18.36 million against $5.73 million for the same period of 2020. The net loss for the quarter was $12.41 million against $6.66 million for the same period of 2020. The net loss per basic and diluted share for the quarter was $0.63 against $0.22 for the same three month period of 2020. The company had cash and cash equivalents of $498.70 million on 30th June. The total assets in possession of the company were $4.33 billion, while total liabilities were $3.85 billion
What’s in store for PAYO?
PAYO stock has declined 19% during the last quarter, mainly due to weak quarterly results. The recent appointees, however, have the calibre to successfully transform the company’s fortunes. So, potential investors should keep a close eye on developments related to PAYO stock