$Paysafe (PSFE.US)$ are down 24% on Wednesday following the release of its Q3 earnings report.

The company posted adjusted earnings of 51 cents per share, significantly surpassing the consensus estimate of 2 cents. Quarterly sales reached $427.1 million, an 8% increase from the previous year, also exceeding analysts' expectations of $423.1 million.

Net loss for Q3 rose to $13 million (0.21) per share, up from the net loss of $2.5 million (0.04) per share as compared to Q3 2023.

Paysafe highlighted growth in its eCommerce channel, driven by strong demand in North America's iGaming sector. Additionally, the company announced a new partnership with Revolut to provide cash deposit services for Revolut's UK customers, with plans to expand this offering across other European markets.

Bruce Lowthers, CEO of Paysafe, commented: "Revenue growth continues to be strong this year, reaching 8% for the third quarter and year-to-date, demonstrating execution on our strategic priorities and our focus on delivering higher quality, sustainable revenue growth, while investing in the business and progressively reducing net leverage. We are pleased to reaffirm our full year financial outlook for 2024 and we remain confident that we are taking the right actions to drive continued momentum in 2025 and beyond."

Investors remained cautious about the stock as Paysafe reiterated its FY24 sales guidance to $1.713 billion – $1.729 billion, compared with the $1.723 billion estimate. It continues to expect adjusted EBITDA of $471 million – $484 million.

At 1:18 p.m. ET, shares are off 24.64%.