Ebix Inc (NASDAQ:EBIX), a technology company focused on e-commerce and cloud computing, saw its shares plunge despite reporting that it had clocked up record revenue of $1.1 billion for the fiscal year 2022.
For its fourth quarter ended December 31, 2022, Ebix reported revenue of $255.21 million, beating the consensus estimate of $251.04 million. On a constant currency basis, the company noted that revenue increased 5% year-over-year (YOY).
“The main contributors to this double digit growth for the full year were the company's EbixCash travel and foreign exchange/outward remittance revenues that grew a combined 118% year-over-year," said Ebix CEO Robin Raina.
He also underscored growth in EbixCash BPO/IT Services, e-learning, financial technologies and Latin American revenue. Separately, the company’s US Annuitynet revenue also expanded, while its EbixCash exchange revenues, excluding its prepaid gift card business generated 58% year-over-year growth in 2022.
Ebix shares toppled 19.5% to $13.10 in morning trade.
With approximately 200 offices across six continents, Ebix provides on-demand software and e-commerce services to the insurance, financial services, travel, healthcare and e-learning industries.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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