Aug 1 (Reuters) - Global Payments (GPN.N) second-quarter profit beat Wall Street estimates on Tuesday as robust consumer spending spurred strong growth in its merchant-focused business.
The Georgia-based payments technology firm reported a profit of $685.3 million, or $2.62 per share, for the three months ended June 30, excluding one-time costs.
Robust spending has boosted the performance of payments tech providers such Global Payments whose fees are strongly correlated to spending volumes.
Merchant solutions, which provides payments services and software to businesses and is Global Payments' biggest unit, reported a 17.3% growth in revenue.
Reporting by Niket Nishant in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.
Persons:
Niket, Vinay Dwivedi
Organizations:
Wall, Payments, Thomson
Locations:
Georgia, Bengaluru