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Global Payments cuts annual forecasts as Middle East conflict hits travel spending
['Wed', 'August At Pm Gmt', 'Min Read']
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Aug 5 (Reuters) - Payment technology company Global Payments cut its annual net revenue and profit forecasts on Wednesday amid economic uncertainty linked to the war in the Middle East.
Here are some more details:• Payment processors such as Global Payments are feeling the squeeze as the conflict in the Middle East disrupts global travel, reducing travel-related spending and cross-border transactions.
• Consumer spending levels directly affect the earnings of payment technology companies.
• The company provides technology, software and other services that allow its customers to accept card, check and digital payments.
• It previously forecast adjusted net revenue growth of approximately 5% and adjusted profit between $13.80 and $14 per share.