Riskified Surpasses Q3 Expectations, Raises 2024 Outlook
New York, Wednesday, 13 November 2024.
Riskified Ltd. reported better-than-expected Q3 2024 results, with earnings of $0.03 per share beating estimates by $0.10. Revenue reached $78.85 million, surpassing forecasts. The company raised its full-year 2024 revenue guidance to $322-$327 million, reflecting strong performance and market position in ecommerce fraud prevention.
Strong Quarterly Performance
Riskified Ltd. (NYSE: RSKD), a leader in ecommerce fraud prevention, reported impressive financial results for the third quarter of 2024. The company’s earnings per share of $0.03 exceeded analyst expectations by $0.10, a significant achievement in a competitive market landscape[1]. Revenue for the quarter reached $78.85 million, surpassing the consensus estimate of $75.01 million, highlighting Riskified’s robust business model and effective operational strategies[2].
Strategic Growth and Market Expansion
During the quarter, Riskified achieved a record-high Gross Merchandise Volume (GMV) of $34.706 billion, marking a 17% year-over-year increase[3]. This growth was driven by strategic expansions in key sectors, such as Tickets and Live Events, and onboarding new clients across six verticals and four geographies. A notable accomplishment was the largest Policy Protect deal in the company’s history, valued at approximately $2 million annually, with a major fashion retailer already utilizing Riskified’s Chargeback Guarantee product[4].
Financial Guidance and Share Repurchase Program
Riskified’s updated financial guidance for the fiscal year ending December 31, 2024, forecasts revenue between $322 million and $327 million, slightly above the analyst consensus of $321.7 million[5]. This positive outlook is supported by the company’s innovative AI-driven platform, which continues to fortify its competitive edge in the ecommerce market. Furthermore, Riskified’s Board authorized an additional $75 million share repurchase program, following a successful repurchase of approximately 8.6 million shares for $47 million in the third quarter[6].
Looking Ahead
As Riskified navigates the remainder of 2024, its strategic focus on enhancing customer experiences and expanding its merchant base positions the company for sustained growth. The upcoming investor call scheduled for November 13, 2024, will provide further insights into Riskified’s performance and future projections[7]. Analysts remain cautiously optimistic, with a consensus ‘Hold’ rating on the stock and a price target reflecting potential for future appreciation[8].
Sources
- ca.marketscreener.com
- finance.yahoo.com
- www.businesswire.com
- www.investing.com
- www.defenseworld.net
- www.marketscreener.com