Why Global Payments Stock Rose as High as 9% on Wednesday

The stock of Global Payments (NYSE: GPN) climbed by nearly double-digit percentages Wednesday before settling down to close almost 2% higher on the day. Better-than-expected Q1 fiscal 2020 profitability was the likely catalyst.

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For the quarter, adjusted revenue more than doubled on a year-over-year basis to land at almost $1.73 billion. Adjusted net income also doubled and then some, improving by 123% to just under $474 million, or $1.58 per share. On average, analysts had expected $1.74 billion on the top line, but an adjusted per-share net profit of only $1.53.

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Source Fool.com