Payments Technology Firm Nuvei Q4 Crypto Revenue Drops 58% From Year Ago

Payments technology firm Nuvei (NVEI) posted crypto-related revenue of $19.2 million in the fourth quarter of 2022, down 58% from $46.1 million a year earlier, according to a Securities and Exchange Commission filing Wednesday.

The company overall reported Q4 revenue of $220.3 million, up 4% on a year-over-year basis.

"Revenue was impacted unfavorably by changes in foreign currency exchange rates year over year and volatility from digital assets and cryptocurrencies," the Canadian-based fintech firm said.

Nuvei previously cited volatility in crypto markets when its Q2 2022 revenue fell short of expectations, leading the company to temper its outlook for the remainder of that year. That volatility only got worse, culminating in November with the collapse of crypto exchange FTX.

NVEI shares are currently up 2.4% to $33.49 in premarket trading.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.