Global Payments cuts annual forecasts as Middle East conflict hits travel spending

Aug 5 : Payment technology company Global Payments cut its annual net revenue and profit forecasts on Wednesday amid economic uncertainty linked to the war in the Middle East.

Shares of the company, which are up 14 per cent so far this year, fell about 2.7 per cent in premarket trading following results.

• Payment processors such as Global Payments are feeling the squeeze as the conflict in the Middle East disrupts global travel, reducing travel-related spending and cross-border transactions.

• Consumer spending levels directly affect the earnings of payment technology companies.

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