Fidelity National Information Services, Inc. - FIS STOCK NEWS

FIS reported a 1% increase in first-quarter revenue to approximately $3.5 billion, with a 3% organic growth. GAAP diluted EPS rose 20% to $0.24, while adjusted EPS decreased 12% to $1.29. The company raised its full-year guidance and reported strong performance across its Banking and Capital Market Solutions, despite a 1% revenue decline in Merchant Solutions. Adjusted EBITDA margin contracted by 190 bps to 38.7%. The company is progressing with its planned tax-free spin-off of the Merchant Solutions business, expected to complete by early 2024. FIS aims for $1.25 billion in cash savings by 2024 as part of its Future Forward transformation program.

FIS has announced the expansion of its Worldpay merchant business into the UAE, marking a significant move in enhancing its payment processing capabilities. The company has secured a category II payment services license to facilitate card acquiring and disbursements, aimed at supporting local businesses and global merchants. The UAE e-commerce market is projected to reach US$43 billion by 2026, underscoring the region's potential for growth. This expansion aligns with FIS's strategy to bolster its merchant acquiring presence and is backed by insights from The Global Payments Report, which highlights that credit cards were responsible for 41% of e-commerce transactions in 2022.

FIS announced a regular quarterly dividend of $0.52 per common share, payable on June 23, 2023, to shareholders of record as of the close of business on June 9, 2023. This dividend reflects FIS's ongoing commitment to returning value to its shareholders. As a global leader in financial services technology, FIS operates across various sectors, supporting the movement of commerce with innovative solutions.

FIS (NYSE: FIS), a global leader in financial services technology, will announce its first quarter 2023 financial results on April 27, 2023, before the market opens.

The company will host a live webcast of its earnings conference call starting at 8:00 a.m. (EDT) on the same day. Investors can access the webcast through the Investor Relations section of FIS’ website, with a replay available post-event.

FIS provides innovative technology solutions to financial institutions and businesses globally, facilitating the movement of commerce and enhancing customer experiences. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500 and the Standard & Poor’s 500 Index.

RIBBIT Inc. has appointed Greg Rable as CEO, effective immediately. Rable, a veteran in fintech and predictive data with over 25 years of experience, formerly led FactorTrust. His expertise will guide RIBBIT's strategic direction and operations, enhancing its mission to provide critical bank behavior data for the non-prime credit sector, which constitutes 47% of Americans. Rable will also remain on the Board of Directors. Former CEO Shawn Princell transitions to a growth role focused on partnerships while also continuing on the Board. This leadership change aims to position RIBBIT as a leader in predictive data for lenders.

In 2022, account-to-account (A2A) payments reached US$525 billion in global e-commerce, marking a 13% increase from US$463 billion in 2021. The growth of A2A payments is attributed to the expansion of real-time payment systems, improving transaction safety and convenience. Digital wallets became the leading payment method in the U.S., comprising 32% of e-commerce. Global e-commerce is projected to hit US$8.5 trillion by 2026. Despite inflation and economic slowdown, e-commerce transaction value rose by 10% to nearly US$6 trillion in 2022.