According to this story, FIS could be preparing to dump the merchant segment of its business (Worldpay) via a spin-off with an announcement being made perhaps as soon as next week (Q4 and full year 2022 results get announced on Wednesday, February 15): https://www.reuters.com/business/finance/payments-giant-fis-prepares-break-up-sources-2023-02-11/.
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WorldPay spinoff was announced this morning along with horrible numbers and guidance. AND an increase of the spending reduction target from $500million to $1.25billion. We aren't anywhere near the end of the layoffs.....
Stock down 15% pre-market.
Interesting, but hardly surprising. Sad to see what has happened here. FIS took a thriving, hare-like payments business with some serious talent and in less than four years drove it into the ground with their staid, tortoise-like processes, culture, inertia and management. Perhaps this spin-off (if true) or eventual buy-out by some other visionary entity will get things back on track.
Everybody sing:
Another turning point, a fork stuck in the road
Time grabs you by the wrist, directs you where to go
So make the best of this test, and don't ask why
It's not a question, but a lesson learned in time
It's something unpredictable
But in the end, it's right
I hope you had the time of your life