Summary by Moomoo AI
XBP Europe Holdings, a pan-European integrator of bills, payments, and related solutions, reported a decrease in net revenue for the quarter ended June 30, 2024. The company's net revenue declined by 14.8% to $36.1 million from $42.4 million in the same quarter of the previous year. The Bills & Payments segment saw a 9.6% decrease in revenue, while the Technology segment experienced a 27.6% drop. The cost of revenue also decreased by 3.9%, and selling, general, and administrative expenses fell by 15.6%. Despite these reductions, the company reported a net loss of $4.7 million, compared to a net loss of $558,000 in the prior year's quarter. The company attributes the revenue decline to the completion of projects, lower volumes, and client contract ends, partially offset by new business wins...Show More