Global Payments lifts profit forecast on strong consumer spending

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- Global Payments raised its annual profit forecast and beat Wall Street estimates for third-quarter profit on Tuesday, as strong consumer spending drove growth in its merchant-focused business.

Global Payments now expects annual adjusted profit of between $10.39 and $10.45 per share, up from a prior range of $10.35 to $10.44 per share. That has helped companies like Global Payments, whose fees are strongly correlated to spending volumes.

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