Global Payments has lowered its financial forecast, blaming the Middle East conflict for a drop in travel spending. The payments company said the ongoing instability is cutting into consumer travel, a key revenue driver.
Travel spending under pressure
The conflict has made travelers wary, according to the company's assessment. When people travel less, Global Payments processes fewer transactions for airlines, hotels, and other travel-related merchants. That slowdown forced the company to revise its outlook downward.
Forecast trimmed
Global Payments didn't provide specific numbers for the revised forecast, but the move signals a more cautious view for the rest of the year. The company's next earnings report will show how the conflict continues to affect its business. Global Payments has not said when it will next update investors on its outlook.
