Having completed its first full quarter of operation on June 30, Worldpay Inc. on Thursday reported just over $1 billion in net revenue for the period from business lines that include merchant processing, technology services, and card-issuer support. That’s up 11% from what Vantiv Inc. and Worldpay Group plc would have reported had they completed their merger on Jan. 1, 2017, Worldpay said.
Cincinnati-based Vantiv and United Kingdom-based Worldpay combined officially on Jan. 16 to form Worldpay Inc. in what ranks as one of the payments industry’s most ambitious mergers. Vantiv alone recorded $530 million in net revenue in 2017’s second quarter.
The company’s merchant-solutions unit remains its primary business, racking up $520.4 million in net revenue for the June quarter, up 5% from what the separate companies recorded a year ago and a 107% increase over Vantiv’s merchant-processing results alone for the second quarter of 2017. Revenue for the technology-solutions segment totaled $401.6 million, increases of 21% and 104%, respectively. The issuer-solutions unit posted $84.8 in revenue, up 2% and 5%, respectively.
Adjusted net income for the quarter came to $327.1 million, up 99% from what Vantiv alone earned in the June 2017 quarter.
For the quarter that started July 1, Worldpay expects to rack up net revenue between $1 billion and $1.02 billion, compared to $554 million for Vantiv alone last year. For all of 2018, the company said it currently projects revenue to fall between $3.88 billion and $3.93 billion, versus Vantiv’s total of $2.12 billion for 2017.
Investors apparently like the quarterly results. Worldpay’s shares were up 7%, to more than $89, at mid-day Thursday.