Global Payments second-quarter profit beat Wall Street estimates on Tuesday as robust consumer spending spurred strong growth in its merchant-focused business.
The Georgia-based payments technology firm reported a profit of $685.3 million, or $2.62 per share, for the three months ended June 30, excluding one-time costs. Analysts had expected earnings per share of $2.59, according to Refinitiv IBES data. Consumer spending has stayed strong even in the face of an economic slowdown on the back of strong wage growth and a tight labor market, while hopes of a pause in interest rate hikes as inflation subsides has further encouraged people to loosen their purse strings.
Robust spending has boosted the performance of payments tech providers such Global Payments whose fees are strongly correlated to spending volumes. Merchant solutions, which provides payments services and software to businesses and is Global Payments' biggest unit, reported a 17.3 per cent growth in revenue.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong quarterly GDP growth slows on sluggish global economyHONG KONG: Hong Kong's economic growth slowed in the second quarter from a year earlier, advance government data showed on Monday (Jul 31), with the momentum softening after a strong rebound in the preceding quarter. Total exports of goods continued to plummet as the external demand for goods remained weak
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Western Digital's first-quarter forecast disappoints as weak cloud demand weighsMemory chipmaker Western Digital Corp forecast first-quarter revenue below Wall Street targets and a bigger-than-expected loss on Monday as weak demand, particularly for its cloud business, forces it to cut production.The company said it expects its current-quarter loss to include a charge of about $200 m
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Uber forecasts quarterly operating profit above estimates on ride-hailing demandUber Technologies on Tuesday forecast third-quarter operating profit above Wall Street expectations as it sees growing demand for ride hailing due to strong leisure travel trends and gradual return to in-office work.The ride-sharing platform's cost controls ranging from layoffs to lower transaction costs
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Singaporean and Briton claim trial in Wirecard case over allegedly falsified documentsSINGAPORE — Two men linked to collapsed German payments firm Wirecard AG claimed trial in Singapore on Monday (July 31) to charges of falsifying documents related to millions held in escrow accounts.
Source: TODAYonline - 🏆 1. / 99 Read more »
Two men in Wirecard case claim trial to charges relating to false documentsThe former director of a local accounting firm and a Briton are claiming trial in a case of falsifiying documents connected to collapsed German payments company Wirecard. Singaporean R. Shanmugaratnam, 57, the former director of Citadelle Corporate Services, and British...
Source: thenewpaper - 🏆 7. / 63 Read more »
'Be an angel in heaven': Elva Hsiao chokes back tears at Coco Lee's memorial serviceTaiwanese pop singer Elva Hsiao has been away from the limelight for over a year. This afternoon (July 31), the 43-year-old appeared at late singer Coco Lee's memorial service at the Hong Kong Funeral Home, where she wept and had to choke back tears to deliver a touching eulogy. When Elva hit a wall in her career many years ago...
Source: asiaonecom - 🏆 10. / 59 Read more »