Source - Alliance News

Boku Inc on Tuesday said adjusted earnings in 2023 were ahead of market expectations, despite continued investment in its payment network.

The London-based provider of mobile payment solutions said revenue jumped 30% to $82.7 million in 2023 from $63.8 million in 2022. Boku said this was ‘driven by increasing transaction volumes from our major global merchants including good growth from bundling’.

The number of monthly active users on the Boku platform in December was 67.4 million, up 29% from 52.3 million a year before.

Adjusted earnings before interest, tax, depreciation and amortisation grew 33% to $27.3 million from $20.5 million. This was ahead of current market expectations. It was achieved ‘despite continued investment in Boku’s mobile-first payment network’.

Total group cash climbed 30% to $151.2 million as at December 31 from $116.3 million a year prior.

Chief Executive Officer Stuart Neal said: ‘We finished 2023 strongly which gives us a good trajectory into this year and I am confident the success of our strategy will continue in 2024 and beyond.’

Boku shares were up 7.1% to 168.60 pence each on Tuesday morning in London.

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