(Reuters) – Fintech firm Jack Henry & Associates 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)
