Investing.com -- Shares in Nexi (BIT:NEXII) rose on Thursday after the Italian payments group reported a greater-than-anticipated jump in first-quarter core income and reiterated its full-year guidance.
Earnings before interest, taxes, depreciation and amortization increased by 8.6% versus the year-ago in the three months ended on March 31 to 361.7 million euros, thanks in part to strength at merchant solutions unit. Consensus estimates had called for 355 million euros.
Nexi, which accrues much of its revenue from services provided to businesses, benefited from an improved take rate among e-commerce firms, analysts at Jefferies noted.
Operating revenues also rose by 6% year-on-year 781.6 million euros, but declined compared to the prior quarter.
Nexi confirmed its outlook for the 2024 financial year. Net revenues are seen moving higher in the mid-single digit year-on-year and core income is anticipated to grow in the mid-to-high single digit range.
"We’d see the small [first-quarter] upside and maintained 2024 guide as enough to see the shares outperform slightly," analysts at Morgan Stanley said in a note to clients.