(Sharecast News) - Foreign exchange technology firm Wise posted improved quarterly revenue and income on Tuesday but disappointed with its Q4 volumes.
Wise said revenues shot up 45% to £223.5m, just short of consensus estimates, while total income surged 83% year-on-year to £279.5m - 1% ahead of consensus.
However, Wise also reported volumes of £26.7bn for the fourth quarter, up 25% year-on-year but 5% below consensus estimates, driven by an 8% year-on-year fall in personal volumes per customer.
Wise added that its global appeal continued to drive "strong active customer growth" of 33% year-on-year, with 6.1m active customers in the fourth quarter, made up of 5.8m personal and 340,000 business customers.
The AIM-listed group added that it will update the market on its 2024 guidance in June but maintained its previously provided medium-term forward-looking guidance of more than 20% total income growth and adjusted underlying earnings margins growth of at least 20%.
As of 1000 BST, Wise shares had slumped 12.16% to 514.20p.
Reporting by Iain Gilbert at Sharecast.com
Wise Plc (WISE)