Flywire Corporation (FLYW) shares surged 12.05% in pre-market trading on Wednesday, following the release of its first-quarter earnings report that exceeded analyst expectations. The payment technology company demonstrated strong revenue growth and a narrower loss compared to the same period last year.

According to the report released on Tuesday, Flywire's Q1 revenue climbed to $133.5 million, up from $114.1 million in the previous year and significantly surpassing the FactSet analyst consensus of $123.7 million. The company also reported a narrower loss of $0.03 per diluted share, an improvement from the $0.05 loss per share recorded in the same quarter last year. This beat was notable, as analysts had expected a profit of $0.01 per share.

The impressive financial results underscore Flywire's continued growth trajectory and improving operational efficiency. As a global payments enablement and software company, Flywire's strong performance suggests increasing adoption of its payment solutions across various sectors, including education, healthcare, and travel. Despite the positive earnings surprise, investors should note that Wells Fargo has recently lowered its price target for Flywire from $16 to $13, maintaining a Hold rating on the stock.