Payments technology firm Nuvei (NVEI) has tempered its outlook for the remainder of 2022 after its second-quarter 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 to $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) in 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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.