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Communication Services : Interactive Media & Services | Large Cap Growth
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Alphabet Inc. is a holding company. The Company's businesses include Google Inc. (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company's segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives. The Google segment is engaged in advertising, sales of digital content, applications and cloud offerings, and sales of hardware products. The Other Bets segment is engaged in the sales of Internet and television services through Google Fiber, sales of Nest products and services, and licensing and research and development (R&D) services through Verily. It offers Google Assistant, which allows users to type or talk with Google; Google Maps, which helps users navigate to a store, and Google Photos, which helps users store and organize all of their photos.

Postmarket

Last Trade
Delayed
$2,289.76
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$2,289.76
Day's Change
7.01 (0.31%)
Bid close
--
Ask close
--
B/A Size
--
Day's High
2,304.09
Day's Low
2,270.18
Volume
(Average)
Volume:
1,502,766

10-day average volume:
1,449,299
1,502,766

Global Payments stock gains after profit beat, Google partnership announcement

9:01 am ET February 8, 2021 (MarketWatch)
Print

By Emily Bary

Company will move acquiring technology to Google Cloud and provide merchant-acquiring services to Google

Shares of Global Payments Inc. were up 2.9% in premarket trading Monday after the financial technology company beat profit expectations for its latest quarter while also announcing a partnership with Alphabet Inc.'s Google.

Global Payments (GPN) posted fourth-quarter net income of $183 million, or 61 cents a share, up from $103 million, or 34 cents a share, in the year-earlier quarter. On an adjusted basis, Global Payments earned $1.80 a share, above the $1.62 a share that it reported a year earlier and ahead of the $1.76 a share that analysts surveyed by FactSet had been projecting.

Revenue for the fourth quarter fell to $1.93 billion from $1.99 billion, while analysts were modeling $1.90 billion.

Global Payments said in a release that it expects annual run-rate revenue synergies from its TSYS merger to reach at least $150 million by September 2022, up from a prior estimate of $125 million. The company also anticipates annual run-rate expense synergies of at least $400 million by September 2022, above a prior estimate that called for $375 million.

The company issued a full-year forecast calling for $7.5 billion to $7.6 billion in adjusted net revenue and $7.75 a share to $8.05 a share in adjusted earnings. Analysts tracked by FactSet were modeling $7.58 billion in adjusted revenue and $8.00 a share in adjusted earnings.

Global Payments announced that its board of directors approved an increase to the company's buyback authorization, bringing the total amount available to $1.5 billion. Through the program, the company plans to conduct an accelerated share-repurchase program of $500 million "in the coming days."

The company also announced a strategic partnership with Alphabet's (GOOGL)(GOOGL) Google, through which the company will provide merchant-acquiring services to Google and move much of its acquiring technology to Google Cloud.

The move to Google Cloud is expected to drive cost savings over time, Global Payments President Cameron Bready said on the company's earnings call. The companies will also take on "joint go-to-market efforts" through cross-selling.

Global Payments shares have gained 14% over the past three months as the S&P 500 has risen 11%.

-Emily Bary; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

February 08, 2021 09:01 ET (14:01 GMT)

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