Wise Q4 revenues rise, volumes disappoint

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