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Communication Services : Interactive Media & Services | Large Cap Growth
Company profile

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
$2,292.97
3.21 (0.14%)
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:
1,513,012

10-day average volume:
1,453,667
1,513,012

UPDATE: Global Payments announces partnership with Google, posts profit beat

2:15 pm ET February 9, 2021 (MarketWatch)
Print

By Emily Bary

Company will integrate its services with Google APIs and have a co-selling relationship with the tech giant

Shares of Global Payments Inc. gained in Monday trading after the financial technology company beat profit expectations for its latest quarter and announced a new 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 raised its synergy expectations related to its merger with TSYS. The company now expects annual run-rate synergies of at least $150 million in revenue and $400 million in expenses by September 2022, both of which were $25 million above the company's prior estimates.

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.

As part of the partnership, Google will integrate Global Payments' software with its own application programming interfaces (APIs) for products like Google Workspace and Google Ads, something that could create "a much more seamless experience," Global Payments President Cameron Bready told MarketWatch.

The COVID-19 crisis has accelerated digital commerce to the point where "businesses of all sizes have to put together capabilities that they need to scale quickly," said Kirsten Kliphouse, the vice president for Google Cloud's North America business. She argued that this dynamic drives a greater need for integrated services.

The two companies will also engage in a co-selling relationship, with their salesforce teams working together to talk with customers about each others' products as a way of showing how the integrated experience could help customers better meet their business objectives.

Global Payments Chief Executive Jeff Sloan said on the company's earnings call that there's an "actual quota at the Google level for Google sales reps to sell our products and services into the Google base," while Global Payments representatives will work to sell Google services.

Global Payments shares have gained 15% over the past three months as the S&P 500 has risen 12%.

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

	

(END) Dow Jones Newswires

February 09, 2021 14:15 ET (19:15 GMT)

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