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Payments Firm Boku Reports $28.9 Million Profits in 2022

<p>Boku
(AIM:BOKU), a publicly-listed provider of mobile <a href=”https://www.financemagnates.com/tag/payments/” target=”_blank” rel=”follow”>payment solutions</a>, has announced
its audited results for 2022, showing a net profit after tax of $28.9 million, which is an increase of 31.71% on a yearly basis, compared to $24.6 million reported a
year earlier.</p><p>Boku Reports Higher
Revenue and Net Profit</p><p>According to
the company’s filing from Tuesday, the revenues were up 3% to $63.8 million <a href=”https://www.financemagnates.com/fintech/news/payments-firm-boku-turns-44-million-profits-in-2021/” target=”_blank” rel=”follow”>compared to $62.1 million reported for 2021</a>. The results would have been even
better, but the “significant currency headwinds” negatively impacted
overall revenues. On a constant currency basis, revenues came in at 14% higher
than a year earlier.</p><p>Boku
increased its active user base in the month to 52.3 million, which is up 28% in December
2022. Over the whole of last year, almost 57 million new users made their first
<a href=”https://www.financemagnates.com/terms/p/payments/” class=”terms__main-term” id=”f1d2a713-da14-4a6b-8fcd-e8f360d07f45″ target=”_blank”>payments</a> using the company’s services. </p><p>”2022
has been a breakout year. Boku’s growth became primarily driven not by DCB, but
by mobile wallets and account-to-account/real time payments. By the end of the
year, nearly 7% of our Monthly Active Users and more than double that
percentage of our revenue came from these newer payment methods,” Jon
Prideaux, the Chief Executive of Boku Inc, commented.</p><p>Throughout
2022, the company successfully launched its services in China through integration with Alipay and WeChat wallets, and it signed 150 new launches with existing customers, including Apple, Amazon, Netflix, Google, and
Spotify. </p><p><a href=”https://www.financemagnates.com/fintech/payment-firm-boku-expects-a-9-yoy-revenue-jump-in-h2-2022/” target=”_blank” rel=”follow”>At the
beginning of the year</a>, the company reported that it assumed revenue growth of
9% in the second half of 2022 compared to the same period in 2021. It
ultimately reported more than double than expected with revenue growth of 21% for the period.</p><p>Boku Signs LPM Contract
with Amazon</p><p>One of the
major moves to develop the company in the second half of 2022 was the
signing of a multi-year global Local Payment Method (LPM) contract with Amazon.
LPMs are popular payment methods in specific jurisdictions and geographical
locations, which can be characteristic of a particular continent or country.</p><p>”Trading
in January and February 2023 was strong and with new customer wins and
launches, such as the new multi-year Amazon LPM contract, Boku is well set for
further progress into the Big Pond,” Boku added.</p><p>According
to the financial report, Boku saw strong volume growth of 700% in LPMs,
including eWallets, in 2022. Monthly active users grew 230% to 3.8 million in
December 2022, compared to the 1.1 million users reported in the same period a
year earlier. Meanwhile, the number of new LPMs users increased by 200% to 8.4
million.</p><p>Shares Rebound from
October’s Low</p><p>After publishing
the full 2022 report, Boku’s shares rebounded on the <a href=”https://www.financemagnates.com/tag/london-stock-exchange/” target=”_blank” rel=”follow”>London Stock Exchange</a> after the Tuesday opening bell by 4.21% to £129.5. However, during Monday’s
session, the payment company re-tested its lowest levels since October 2022. </p><p>Since last
year’s low set in September at £77.00, Boku’s shares have rebounded by almost
70% and are significantly more expensive than on the day of their IPO in 2017
when they cost less than £75. </p>

This article was written by Damian Chmiel at www.financemagnates.com.


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