First Data Corp., the payments processor that went public last year, halved its losses in the first quarter as revenue increased.

The net loss narrowed to $56 million from $112 million a year earlier, the New York-based firm said Monday in a statement. Adjusted profit, which excludes some costs tied to the October initial public offering and debt extinguishment charges, was 24 cents a share, the company said. That beat by one cent the average estimate of 21 analysts surveyed by Bloomberg.

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