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Shift4 Payments, Inc (NYSE:FOUR) reported fiscal first-quarter 2024 gross revenue growth of 29% year-on-year to $707.4 million, missing the analyst consensus estimate of $755.6 million.
Adjusted EPS of 54 cents missed the analyst consensus estimate of 62 cents.
Payments-based revenue improved from $511 million a year ago to $655.1 million.
Subscription revenue was $52.3 million, up from $36 million a year ago.
Gross revenue minus network fees improved to $263.7 million vs. $200 million a year ago, up by 31.9% year-over-year.
Also Read: Shift4 Payments in Acquisition Spotlight, Fiserv and Amadeus Poised for Billion-Dollar Bidding War
End-to-end payment volume climbed 50% year-over-year to $33.4 billion. Adjusted EBITDA improved 36% year-over-year to $121.7 million. The margin expanded by 100 bps to 46%.
FY24 Outlook: Shift4 reiterated gross revenue minus network fees of $1.3 billion – $1.35 billion.
The company expects end-to-end payment volume of $167 billion – $175 billion (prior $167 billion – $183 billion).
It projects an adjusted EBITDA of $640 million – $675 million (prior $635 million – $675 million).
In April, analysts expected Shift4 Payments to gain from the $30 billion settlement Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA) settlement to restrict credit and debit card fees charged to businesses.
Price Action: FOUR shares traded higher by 3.59% at $60.82 at the last check Thursday.
Now Read: Breadking Down Shift4 Payments, 14 Analysts Share Their Views
