Financial technology firm reports loss due to offloaded unit
- Fidelity National Information Service posts 3Q loss
- Write-down related to offloaded point-of-sale unit offsets revenue growth
- Swung to a loss of $449 million, or 76 cents a share
- Adjusted earnings from continuing operations of 94 cents a share
- Revenue rose 3% to $2.49 billion
- Banking unit revenue rose 3% to $1.76 billion
- Capital-markets unit revenue rose 7% to $677 million
- Sale of a 55% stake in Worldpay to close in Q1 2024
Fidelity National Information Service reported a third-quarter loss of $449 million, or 76 cents a share, as a write-down related to a partially offloaded point-of-sale unit offset revenue growth. Excluding discontinued operations, the company posted earnings of $260 million, or 44 cents a share, up from $218 million, or 36 cents a share, in the same period last year. Adjusted earnings from continuing operations were 94 cents a share. Revenue increased by 3% to $2.49 billion, with the banking unit revenue rising by 3% to $1.76 billion and the capital-markets unit revenue rising by 7% to $677 million. Fidelity National also announced that the sale of a 55% stake in Worldpay to investment firm GTCR is expected to close in the first quarter of 2024.
Public Companies: Fidelity National Information Service (FIS), Worldpay (N/A)
Private Companies: GTCR
Key People: Rob Curran (N/A)
Factuality Level: 8
Justification: The article provides specific financial information about Fidelity National Information Service’s third-quarter performance, including the loss, earnings, revenue growth, and the sale of a stake in Worldpay. The information is presented in a straightforward manner without any obvious bias or opinion. However, the article lacks additional context or analysis, which could have provided a more comprehensive understanding of the company’s financial situation.
Noise Level: 3
Justification: The article provides a straightforward report on Fidelity National Information Service’s third-quarter loss and revenue growth. It includes relevant financial information and mentions the write-down related to a partially offloaded point-of-sale unit. However, it lacks in-depth analysis, antifragility considerations, and actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: The financial markets impacted by this news article are the technology and banking sectors.
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The news article discusses the financial performance of Fidelity National Information Service, a financial technology firm. It mentions a third-quarter loss due to a write-down related to a partially offloaded point-of-sale unit. The article also provides information on the company’s earnings, revenue growth, and the expected sale of a stake in Worldpay. However, there is no mention of any extreme event or its impact.
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