Fidelity National Information Service Reports Q3 Loss

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.

Revenue Growth

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.

Stake Sale

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.