Dave Inc. (DAVE) Stock Jumps on Strong Q4 Revenue Beat

Dave Inc. Reports 62% Revenue Growth, Beating Q4 Estimates

Shares of Dave Inc. (NASDAQ:DAVE) surged after the neobank announced preliminary fourth-quarter 2023 financial results that significantly exceeded market expectations. The company reported a 62% year-over-year revenue increase, driving positive investor sentiment.

Financial Highlights and Strong Growth

Dave posted preliminary Q4 revenue of $164 million, outperforming the consensus estimate of $153 million. This marks the company's third consecutive quarter with over 60% revenue growth. Preliminary Adjusted EBITDA for the quarter reached $73 million, a 118% increase year-over-year.

Market Impact and Analyst Outlook

Following the report, Citizens analyst Devin Ryan reiterated a Market Outperform rating on Dave. The company's strong performance was attributed to accelerating member growth, expanded average revenue per user, and robust demand for its financial products.

Summary

Dave Inc. concluded 2023 with record-breaking performance, positioning it for continued momentum. The company plans to release full, audited financial results on March 2, 2024, which will provide further details on its historic year.

FAQ

Q: Why did Dave Inc. stock increase?
A: The stock rose after the company reported preliminary Q4 2023 revenue of $164 million, a 62% year-over-year increase that surpassed analyst expectations.

Q: What were Dave's key financial achievements in Q4 2023?
A: Dave reported preliminary revenue of $164 million and an Adjusted EBITDA of $73 million, representing 62% and 118% YoY growth, respectively.

Source: Investing.com