Global Payments Drops 9% On Revenue Miss

(RTTNews) - Shares of Global Payments Inc. (GPN) are falling more than 9% Monday morning after the payments technology company's first-quarter revenue missed analysts' view.

Revenues for the quarter were $2.156 billion, compared with $1.99 billion in the first quarter of last year.

Excluding one-time items, adjusted net revenues increased 8% to $1.952 billion, but missed the consensus estimate of analysts polled by Thomson Reuters at $1.96 billion.

Net income for the quarter was $244.73 million or $0.87 per share compared with $196.68 million or $0.66 per share in the same quarter a year ago.

Excluding one-time items, earnings were $2.07 per share. The consensus estimate was for $2.04 per share.

For 2022, the company expect adjusted net revenue to be in a range of $8.42 billion to $8.50 billion, and adjusted earnings per share is expected in a range of $9.45 to $9.67.

Analysts expect the company to report earnings of $9.49 per share on revenue of $8.46 billion for the period.

Global Payments' Board approved a dividend of $0.25 per share payable June 24, to shareholders of record as of June 10.

GPN is at $123.65 currently. It has traded in the range of $116.74-$219.64 in the past 52 weeks.