Shift4 posts Q1 growth as payments processed climb 24%
Center Valley payment processor saw double-digit gains in payments processed, gross profit and revenue while expanding products and global reach.
Shift4, the Center Valley-based payment processing company, has reported first quarter earnings.
The company said it processed $56 billion, up 24% from the first quarter of last year.
That led to a gross profit of $370 million for the quarter, up 54% over the year prior and gross revenue of $1.1 billion, up 32%.
It said its net income was $12 billion for th quarter with an EBITDA of $183 million, up 63% over year.
“We have been on a deliberate and measured journey to diversify our business, expand into new geographies and deliver more value through our products each and every day,” said CEO Taylor Lauber in his letter to shareholders. “This journey has expanded our right to win across the experience economy, and we now find ourselves operating in over 75 countries that we were not in just a few years ago. Our revenue streams are well-diversified and the ability to drive sustainable, profitable growth has never been greater.”
Among the highlights of the quarter, the Shift4 Dine product, which was formerly called SkyTab, grew active merchants by 40% year over year
The company has seen global growth with worldwide payments-based revenue growing 51%.
The company also rolled out Shift4 One, a combined payments + currency conversion + tax free shopping product in seven countries; on track to be in 15 countries by the end of the year.