Square Inc. announced late Tuesday that it would be hosting its investor day as a virtual event "to accommodate ongoing travel and workplace restrictions." The payments company will webcast its presentation on March 24 beginning at 8:30 a.m. PT. Fellow payments company Fiserv Inc. said Wednesday that it is pushing back its own investor day to an undetermined date in the fall "due to an abundance of caution related to the coronavirus." The company also boosted its long-term synergy expectations for its First Data deal, which closed in late July. Fiserv now expects $1.2 billion of run-rate cost synergies, up $300 million from the prior target, and more than $600 million of run-rate revenue synergies, up $100 million from the old target, for the five-year period that ends in 2024. Fiserv reiterated its 2020 outlook for 6% to 8% internal revenue growth and 23% to 27% growth in adjusted earnings per share. Square's stock is down 2.6% in premarket trading Wednesday, while Fiserv's is off 1.9%. Square shares have gained 7.5% so far this year, as Fiserv's have dropped 7.5%. The S&P 500 is down 11% on the year. Read More...
Square Inc. announced late Tuesday that it would be hosting its investor day as a virtual event “to accommodate ongoing travel and workplace restrictions.” The payments company will webcast its presentation on March 24 beginning at 8:30 a.m. PT. Fellow payments company Fiserv Inc. said Wednesday that it is pushing back its own investor day to an undetermined date in the fall “due to an abundance of caution related to the coronavirus.” The company also boosted its long-term synergy expectations for its First Data deal, which closed in late July. Fiserv now expects $1.2 billion of run-rate cost synergies, up $300 million from the prior target, and more than $600 million of run-rate revenue synergies, up $100 million from the old target, for the five-year period that ends in 2024. Fiserv reiterated its 2020 outlook for 6% to 8% internal revenue growth and 23% to 27% growth in adjusted earnings per share. Square’s stock is down 2.6% in premarket trading Wednesday, while Fiserv’s is off 1.9%. Square shares have gained 7.5% so far this year, as Fiserv’s have dropped 7.5%. The S&P 500 is down 11% on the year.
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