What caused WEX's Q3 2024 earnings to miss forecasts?

WEX's Q3 2024 earnings missed forecasts due to softer volume trends in its travel business, despite overall revenue growth in its Mobility and Corporate Payments segments:

1. **Travel Business Softness**: WEX's travel business experienced softer volume trends, which had a significant impact on the overall earnings. This softness is reflected in the company's adjusted full-year revenue outlook, which was lowered due to these volume trends.
2. **Fuel Prices and Volume Shifts**: Mizuho Securities, an analyst firm, cited lower-than-expected fuel prices and shifts in volume from Booking as factors contributing to the lower-than-expected earnings. These factors likely led to a decrease in revenue from the travel business, which in turn affected the overall earnings of the company.
3. **Market Challenges**: Despite reporting record quarterly revenue and strategic growth initiatives, WEX faced market headwinds that likely impacted its Q3 earnings. These challenges could include broader economic conditions, competitive pressures, and market dynamics that affected the company's performance.

In summary, WEX's Q3 2024 earnings missed forecasts primarily due to softer volume trends in its travel business, influenced by factors such as lower fuel prices and shifts in volume from Booking. These factors, combined with broader market challenges, contributed to the company's adjusted full-year revenue outlook being lower than expected.