March 22, 2017 / 6:42 AM / 7 months ago

Gemalto cuts profit guidance on weak U.S. payment business expectation

March 22 (Reuters) - Dutch digital security services company Gemalto said on Wednesday it expects first-quarter revenue and full-year profit to be lower on account of weaker performance at its payment business in the United States.

The company now expects first quarter revenue to be lower by 7 to 9 percent at constant exchange rate. It now sees annual revenue from the payment business to be around 100 million euros ($108 million) lower than what it had initially expected.

Consequently, the company now expects annual profit from operations outlook to be similar to 2016 levels. It posted an annual profit of 453 million euros last year. Gemalto had previously guided this to be in the 500-520 million euro range. ($1 = 0.9259 euros) (Reporting by Wout Vergauwen; Editing by Vyas Mohan)

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