Qiwi beats big in Q2, raises guidance

Russian payment service provider Qiwi (NASDAQ: QIWI) on Monday reported better-than-expected second-quarter results, sending its shares up 2.5% during pre-market hours.

Total Adjusted Net Revenues came in at $88.2 million, 23% higher than last year and stronger than the street projection of $74.25 million. The top-line was boosted by a 35% increase in payment services, which includes Qiwi wallet and other applications.

Payment service volume also saw a 41% jump compared to last year.

Adjusted net income came in at $0.50 per share, almost 20 cents higher than what the street was looking at.

CEO Sergey Solonin said in a statement, “Our growth is simultaneously underpinned by the secular trends in our key markets. Our results clearly emphasize the value and relevance of the payment ecosystem we have developed so far and aim to develop further.”

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Buoyed by the upbeat results, QIWI upgraded its guidance on 2019 adjusted net revenue, payment services segment revenue and payment services profit guidance. The company currently expects an 11-16% increase in total adjusted net revenue, whereas payment services revenue is projected to grow 23-27%.

Net profit in the payment services segment is estimated to increase by 25% to 29% over 2018. Meanwhile, the guidance on adjusted net profit growth of 40-50% was kept unchanged.

QIWI stock has gained almost 36% so far this year.

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