Sam Boughedda

Investing.com — Shares of Global Payments Inc (NYSE) shares dropped over 11% Monday following the release of earnings that fell short of expectations.

On revenue of $1.95 trillion, the payments technology company reported an adjusted earnings per share of $2.07 on revenues of $1.95 million. Investing.com analysts polled expected earnings per share to be $2.04 on revenues of $1.96 Billion.

The first quarter 2021 revenue increased by 8% to $1.81 trillion, and earnings per share rose 14% to $1.82 from the year before, in spite of foreign exchange volatility caused by the Russia-Ukraine conflict.

According to the company, it is making progress in the strategic review for Netspend’s consumer business.

Global Payments announced that CaixaBank had signed a letter confirming Global Payments’ role as its technology partner in its card-issuing business.

CaixaBank, OTC:), is the largest new customer LOI of Issuer Solutions since 2013, and will more than double its implementation pipeline.

In 2022, adjusted net revenue will continue to rise between $8.42 billion and $8.50 billion. It represents growth of 9%-10%. The adjusted earnings per share projections are between $9.45 and $9.67. This is an increase in 16% to 19%.

This raised expectations regarding its annual adjusted operating profit for 2022, which will increase by up to 125 base points.

But they warned that their outlook does not assume a sustained recovery of the pandemic throughout the world and stability in the global macroeconomic climate.