First Data's loss widens slightly in second quarter

Credit and debit processor First Data reported a slightly wider loss in second quarter, despite gains in revenue over the period a year ago.

First Data, which is based in Sandy Springs, said its net loss rose 2.8 percent to $176 million in the second quarter, compared to $171 million a year ago. First Data was taken private in 2007 and does not have publicly traded shares, though its bonds are traded.

Revenue grew 5 percent to $2.7 billion in the quarter, primarily from increased debit card network fees and favorable gains in foreign currency changes, the company said. But interest expenses also climbed 3 percent to $462.3 million.

During the quarter, First Data announced its partnership with Google, Citibank, Mastercard and Sprint on Google Wallet, a smartphone payment system that will link a cellular phone to a credit card or a reloadable prepaid card. First Data is providing the technology to securely link physical cards to Google Wallet, as well as connect smaller retailers to the system.

First Data said it generated $526 million in operating cash flow between April and June, and ended the quarter with $1.8 billion in unrestricted liquidity.

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