Shares of Fidelity National Information Services had their worst day on the market since 2023 after the company's disappointing guidance.
Shares of Fidelity National Information Services had their worst day on the market since 2023 after the company's disappointing guidance.plunged the most since 2023 on Tuesday after the company reported quarterly earnings that fell short of Wall Street estimates and issued a disappointing forecast.statement
on Tuesday. Net income jumped almost fivefold to $304 million, or 56 cents a share, from $62 million, or 10 cents a share, a year earlier. FIS said revenue in the current quarter will be between $2.49 billion and $2.51 billion, and sales for the full year will be $10.44 billion to $10.5 billion. Analysts were expecting revenue for the first quarter of $2.56 billion and for the year of $10.6 billion.
On the earnings call, CEO Stephanie Ferris said the company missed its own estimates for growth in 2024 "due to some one-time items." She said that "growth in new sales" and stronger relations with clients "leave us confident in further acceleration in 2025."The company raised its share repurchase goal from $800 million to $1.2 billion as part of its commitment to return excess cash to shareholders., to offer a debit service to its banking clients.
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