Global Payments beats Q2 profit estimates as consumers spending resilient
Despite recent economic data fueling recession fears, American consumers have remained resilient in face of higher-for-longer interest rates
 "Global Payments beats Q2 profit estimates as consumers spending resilient")
Payment company Global Payments beat profit estimates for second quarter on Wednesday, as consumer spending remains resilient despite worries about a economic slowdown.
WHY IT'S IMPORTANT
Despite recent economic data fueling recession fears, American consumers have remained resilient in face of higher-for-longer interest rates.
The payments sector has maintained steady growth in transaction volumes this year, even as some industry players have expressed concerns about increasing pressure on lower-income brackets.
Last month, industry leader Visa reported revenue growth that fell short of estimates.
CONTEXT
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Global Payments is a provider of payment technology and software solutions, processing transactions made through credit cards, debit cards, and digital payment methods.
The company provides a end-to-end global commerce platform in more than 100 countries.
BY THE NUMBERS
On an adjusted basis, the Atlanta-based company earned $2.93 per share in the three months ended June 30, beating analysts' average estimate of $2.90.
The company reported a total revenue of $2.57 billion for the second quarter, compared to $2.45 billion from a year ago quarter.
MARKET REACTION
Shares of the company jumped 7.6 per cent in premarket trading.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)