October 27, 2023
Fidelity National Information Service (FIS), a leading financial technology firm, has announced a third-quarter loss due to a write-down associated with the partial sale of its point-of-sale unit. Despite this setback, Fidelity National reported overall revenue growth.
Loss and Earnings
For the quarter ending in September, Fidelity National recorded a loss of $449 million, equivalent to 76 cents per share. However, after excluding discontinued operations, the company's earnings stood at $260 million, or 44 cents per share. This marked an improvement from the previous year when earnings were $218 million, or 36 cents per share. Adjusted earnings from continuing operations, excluding certain items like impairment charges related to the stake in Worldpay Merchant Solutions, amounted to 94 cents per share.
Fidelity National's revenue increased by 3% to reach $2.49 billion. The banking unit experienced a revenue growth of 3% to reach $1.76 billion. Meanwhile, the capital-markets unit saw a substantial increase of 7%, with revenue amounting to $677 million.
Fidelity National is currently in the process of selling a 55% stake in its point-of-sale unit, Worldpay, to investment firm GTCR. The sale is expected to be finalized in the first quarter of 2024.
Our Latest News
The cryptocurrency market had mixed movements, with Dogecoin (DOGE) rising and Solana (SOL) falling. Cardano (ADA) and Uniswap (UNI) also saw notable increases....
June saw a decrease in the rate of new home sales compared to the previous month, but the overall market remains favorable. Builders are meeting demand despite...
Stock futures saw a dip as tensions escalated in the Middle East after an explosion in Gaza. Tesla and Netflix earnings take center stage in corporate earnings.