First Data stock was hit hard on Monday following the release of its earnings report for the third quarter of 2018.
First Data (NYSE:FDC) reported earnings per share of 35 cents for the third quarter of the year. This is a drop from the company’s earnings per share of 40 cents from the same time last year. It was also bad news for First Data stock by coming in below Wall Street’s earnings per share estimate of 37 cents for the quarter.
Net income reported by First Data for the third quarter of 2018 came in at $401 million. This is an increase over the company’s net income of $296 million that was reported in the third quarter of 2018.
First Data also reported operating profit of $475 million for the third quarter of the year. The financial services company reported operating profit of $417 million for the same period of the year prior.
First Data’s earnings report for the third quarter of 2018 also includes revenue of $2.37 billion. This is a decrease from the company’s revenue of $3.08 billion reported in the third quarter of the previous year. However, it did manage to beat out analysts’ revenue estimate of $2.21 billion for the period, but couldn’t keep First Data stock from falling.
First Data also took time in its most recent earnings report to update its guidance for the full year of 2018. The company says that it is expecting earnings per share for the year to range from $1.38 to $1.40. It was previously expecting 2018 earnings per share between $1.42 to $1.47. This is another blow to First Data stock as Wall Street is looking for earnings per share of $1.45 for 2018.
FDC stock was down 11% as of Monday morning, but is up 29% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.