FIS tumbles after lower-than-expected Q3 revenue, profit forecasts
FIS•FIS shares fall after soft Q3 outlook
Shares of banking and payments processor Fidelity National Information Services FIS.N fall about 7% to $41.68 premarket.
- The company forecasts Q3 revenue between $3.41 billion and $3.44 billion, compared with analysts' estimates of $3.51 billion, according to data compiled by LSEG.
- Q3 adjusted EPS is expected between $1.58 and $1.62, below market expectations of $1.65.
- The company says it has "temporarily curtailed" share repurchases and paused tuck-in M&A activity following the Total Issuing Solutions acquisition.
- Sixteen analysts rate the stock "buy", 11 "hold" and one "sell", with a median price target of $55, LSEG data shows.
- The stock has lost over 32% year to date through the last close.
