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REPAY BIZ PAYMENTS REVS DOWN Featured

 Payments company Repay was happy enough with results to raise its guidance for 2023 as it reported earnings for the second quarter ended June 30.

But revenue for its business payments segment dropped because of a decline in its media payments business. Business payments revenue was $9.8 million for the most recent quarter, off 1.1 percent from $9.9 million a year ago. Repay did not specify how much the media income dropped but said it more than offset growth from new and existing clients. However, consumer payments revenue rose 10.2 percent to $65.9 million, up from $59.8 million in last year’s corresponding period.Overall revenue rose to $71.8 million an increase of 6.4 percent from $67.4 million. Results for the consumer sector reflected revenue of $1.7 million from Blue Cow Software, which was sold on February 15 for $41.9 million. During the six months, Repay recorded a $10-million loss associated with the sale and also reduced goodwill in the consumer segment by $35.3 million. Repay lost $5.3 million for the recently ended period up sharply from a loss of $1.4 million year earlier. However, its operating loss dropped to $9.9 million from $16.6 million a year ago. Repay noted a 12-percent growth in organic gross profit.

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