Wise stock price pops after mixed half-year results
The Wise stock price jumped by more than 11% on Tuesday after the company published mixed results. The stocks jumped to 844p, which was about 20% above its all-time low. It is still about 30% below the all-time high.
Wise mixed results
Wise, formerly known as Transferwise, reported strong half-year revenue while its profit declined. The firm said that its pre-tax profit declined to 18.8 million pounds in the six months to September 30. This was about 2 million pounds below the previous 20 million pounds.
Meanwhile, its revenue rose by about 33% to 256 million pounds. In a statement, the company’s CEO and co-founder, Kristo Kaaemann said:
“Over the first half of this year, we’ve improved our products and engineered away substantial points of friction in the payments process, enabling us to sustainably lower prices while continuing to invest in growing the business for the long term.”
Mixed performance as a public company
Wise, which went public in July, has had mixed results as a public company. Its stock initially jumped by more than 47% between July and September 23rd. Since then, the stock declined by more than 30% from its all-time high.
It is not alone. Remitly, one of the best-known money transfer companies, went public this year. However, its stock has crashed by more than 50% from its all-time high. This drop has brought its total market capitalization to about $4 billion.