FIS gains traction in Q3 2023, propelled by the sale of Worldpay

FIS Reports Strong Q3 Results and Resumes Share Repurchase Program

In a significant development, Financial Services technology provider FIS has reported strong Q3 results, reaching the top end of its targets, and announced the resumption of its share repurchase program.

Associated with FIS is Lucy Ingham, as indicated by her LinkedIn profile, who offers insights into the company's operations. The newsletter she contributes to can be accessed by creating a free account on FIS's platform.

One of the key highlights of FIS's Q3 performance is the 3% year-on-year (YoY) revenue increase on a GAAP basis and a 4% increase on an organic basis, totaling $2.5bn. Furthermore, the company reported a 43% EBITDA margin for continuing operations, marking a 70 basis points (bps) improvement on the same period last year.

In a separate development, Bain Capital acquired a 55% stake in FIS's Merchant Solutions division, with the transaction completed in Q3 2023. As a result, Worldpay now operates independently. However, the article does not provide any updates on the independence of Worldpay following its sale from FIS.

The resumption of FIS's share repurchase program has been well-received by the market, leading to a rise in the company's share price. It's important to note that the article does not provide any new financial or operational data about FIS beyond what was reported earlier.

In addition to its robust financial performance and industry-leading newsletter, FIS offers a free account for access to extensive research and analysis on cross-border payments globally. The company has also changed how it reports to reflect the sale of a 55% stake of its Merchant Solutions division to Worldpay.

For those interested in staying updated on FIS's activities, Lucy Ingham's LinkedIn profile provides valuable insights. To access the company's newsletter and other resources, create a free account on FIS's platform today.