Why Global Payments Stock Trounced the Market on Tuesday
Investments in fintech company Global Payments (NYSE: GPN) paid off handsomely on Tuesday. Following the release of its latest set of quarterly results, Global Payments stock zoomed to close nearly 10% higher. That easily beat the 0.3% decline of the slumping S&P 500 index on the day.
For its second quarter, Global Payments' revenue came in at $2.45 billion; this was nearly 8% above the figure of the same quarter last year. Non-GAAP (adjusted) earnings also headed north, rising by slightly over 4% to hit $685 million ($2.62 per share).
Both headline numbers beat the average analyst estimates, albeit not massively. The consensus prognosticator estimate for revenue was $2.19 billion, and those pundits were expecting Global Payments to net $2.59 per share in adjusted net income.
Source Fool.com
