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Payments Technology Firm Nuvei Q4 Crypto Revenue Drops 58% From Year Ago
The company's overall revenue climbed 4% to $220.3 million.
Updated May 9, 2023, 4:09 a.m. Published Mar 8, 2023, 1:04 p.m.
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.
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"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.
Read more: Coinbase Q4 Revenue and Earnings Beat Expectations, but Transaction Volume Falls 12% From Q3
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