Jack Henry & Associates revenue rises on steady demand for fintech products

Jack Henry & Associates

07/11/2023 22:09

Nov 7 (Reuters) - Fintech firm Jack Henry & Associates
 JKHY.O  reported a rise in its first-quarter revenue on
Tuesday, helped by steady growth in its processing as well as
services and support segments.
    The demand environment for financial technology and payments
companies has so far remained resilient against an uncertain
economic backdrop, helping to sustain growth of offerings such
as lending, consulting, payments and digital banking.
    "Our sales pipeline is the highest it's ever been, and we
recently hosted a record number of clients," said CEO David Foss
in a statement.
    Jack Henry's revenue jumped 8% to $571.4 million in the
three months ended Sept. 30.
    Its services and support revenue increased, primarily driven
by growth in data processing and hosting revenue. Core and
payments segments revenue climbed 7.6% and 6.9%, respectively.
    The company posted net income of $1.39 per share, compared
with $1.46 per share a year earlier.
    Shares of Jack Henry, which serves banks, credit unions and
financial services firms, have lost 18.3% of their value so far
this year, through previous close.
    The stock was last up marginally in extended trading after
the results.

 (Reporting by Manya Saini in Bengaluru; Editing by Shilpi
Majumdar)
 ((Manya.Saini@thomsonreuters.com;))