Global Payments quarterly profit rises on resilient consumer spending
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E-mailMay 6 (Reuters) - Payment technology company Global Payments reported a rise in first-quarter adjusted profit on Wednesday, helped by resilient consumer spending despite geopolitical tensions in the Middle East and a volatile economic backdrop.
Consumer spending remained broadly steady during the quarter, helping support payment processors even as inflation and broader economic uncertainty weighed on lower-income consumers.
Consumer spending trends are closely watched because they directly influence earnings across the payments industry.
Shares of the Atlanta-based company, which have lost 10.2% this year, rose about 2% in premarket trading.
The company provides technology, software and other services that allow its customers to accept card, check and digital payments.
The company's revenue jumped 63.1% to $2.97 billion in the first quarter.
Adjusted earnings attributable to Global Payments came in at $808.9 million, or $2.96 per share, in the three months ended March 31, compared with $665.3 million, or $2.69 per share, in the year ago period.
"We are pleased with our financial performance in the first quarter, which exceeded our expectations," finance chief Josh Whipple said in a statement.
The company also reaffirmed its full year earnings outlook on Wednesday.
(Reporting by Atharva Singh & Pritam Biswas in Bengaluru; Editing by Shailesh Kuber)
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