Shares of Global Payments Inc. (GPN) plummeted 5.03% in the intraday session on Thursday, underperforming the broader market. The company reported fourth-quarter adjusted earnings of $2.95 per share, narrowly missing the consensus estimate of $2.96 per share from analysts polled by Zacks Investment Research.
Global Payments' adjusted revenue for the quarter came in at $2.29 billion, slightly lower than the expected $2.31 billion. The company's reported net income stood at $567.17 million, or $2.25 per share.
The disappointing quarterly results appear to be the primary driver behind the stock's plummet today. Analysts have attributed the earnings miss to the challenging macroeconomic environment and increased competition in the digital payments industry. The company's CEO, Cameron Bready, acknowledged the pivotal year and the need for transformation to set a future course for the business.
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