By Chris Wack
AvidXchange Holdings shares were up 10% at $13.29 after the company reported a fourth-quarter loss that was narrower than analysts’ expectations.
The automation and payment technology company said it had a quarterly loss of $4.5 million, or 2 cents a share, compared with a loss of $25 million, or 13 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for a loss of $12 million, or 5 cents a share.
Revenue for the quarter was $104.1 million, compared with last year’s $86.2 million and the $98.6 million analysts were expecting.
The company said total transactions processed in the fourth quarter were 19.1 million, up 6.1% from last year. Total payment volume was $19.9 billion, up 8.5% from last year.
For fiscal 2024, AvidXchange expects revenue of $441 million to $447 million. Analysts are forecasting 2024 revenue of $444.4 million.
Write to Chris Wack at [email protected]
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