The payments and financial services technology firm
Fiserv has reported impressive results for the third quarter of 2023,
highlighting an increase of 8% year-over-year in revenue to $4.87 billion.
This growth was especially notable in Fiserv’s
Acceptance segment, which reported a 12% increase. The firm’s Fintech and
Payments segments grew by 4% and 5%, respectively.
Fiserv‘s growth trend extends throughout the year, with
GAAP revenue for the first nine months of 2023 increasing by 8% to $14.18
billion compared to the prior year. The Acceptance segment was the major
contributor, with an 11% increase, while the Fintech segment recorded a 1%
growth, and the Payments segment had an 8% growth.
Furthermore, the company’s GAAP earnings per share
soared to $1.56 in Q3 2023 and $3.54 in the first nine months of 2023, marking
an increase of 108% and 32%, respectively, compared to the same period in the
previous year.
Frank Bisignano, the Chairman, President, and Chief
Executive Officer at Fiserv, said: “Fiserv again delivered very strong
financial results across the board, demonstrating our superior business model.
We continued our leadership in payments through a broad portfolio of solutions,
which is essential to the flow of commerce and money movement for our diverse
client base around the world.”
Fiserv’s GAAP operating margin also showed
substantial growth, with a figure of 30.8% in the third quarter and 25.2% in the
first nine months of 2023, compared to 18.9% and 19.5% in 2022. Notably, the Q3 and first nine months of 2023 results included a pre-tax
gain of $177 million related to selling the company’s financial reconciliation
business.
Cash Flow, Earnings, and Strategic Moves
The company’s strong performance extended to its
cash flow, with net cash provided by operating activities surging by 19% to
$3.57 billion in the first nine months of 2023, compared to $2.99 billion in
the prior year.
The company’s adjusted earnings per share witnessed a significant boost, increasing by 20% to $1.96 in Q3 and by 16% to
$5.34 in the first nine months of 2023 compared to the previous year. The adjusted
operating margin showed strong growth, with a 290 basis point increase to 38.1%
in Q3 and a 250 basis point increase to 36.1% in the first nine months of 2023.
In September 2023, Fiserv acquired the remaining 49%
ownership interest in European Merchant Services B.V., a Netherlands-based
merchant acceptance business.
Fiserv has raised its full-year 2023 outlook, now
expecting a growth of 11% in revenue and a growth of 15% to 16% in the adjusted
earnings per share, with a range of $7.47 to $7.52 per share.
The payments and financial services technology firm
Fiserv has reported impressive results for the third quarter of 2023,
highlighting an increase of 8% year-over-year in revenue to $4.87 billion.
This growth was especially notable in Fiserv’s
Acceptance segment, which reported a 12% increase. The firm’s Fintech and
Payments segments grew by 4% and 5%, respectively.
Fiserv‘s growth trend extends throughout the year, with
GAAP revenue for the first nine months of 2023 increasing by 8% to $14.18
billion compared to the prior year. The Acceptance segment was the major
contributor, with an 11% increase, while the Fintech segment recorded a 1%
growth, and the Payments segment had an 8% growth.
Furthermore, the company’s GAAP earnings per share
soared to $1.56 in Q3 2023 and $3.54 in the first nine months of 2023, marking
an increase of 108% and 32%, respectively, compared to the same period in the
previous year.
Frank Bisignano, the Chairman, President, and Chief
Executive Officer at Fiserv, said: “Fiserv again delivered very strong
financial results across the board, demonstrating our superior business model.
We continued our leadership in payments through a broad portfolio of solutions,
which is essential to the flow of commerce and money movement for our diverse
client base around the world.”
Fiserv’s GAAP operating margin also showed
substantial growth, with a figure of 30.8% in the third quarter and 25.2% in the
first nine months of 2023, compared to 18.9% and 19.5% in 2022. Notably, the Q3 and first nine months of 2023 results included a pre-tax
gain of $177 million related to selling the company’s financial reconciliation
business.
Cash Flow, Earnings, and Strategic Moves
The company’s strong performance extended to its
cash flow, with net cash provided by operating activities surging by 19% to
$3.57 billion in the first nine months of 2023, compared to $2.99 billion in
the prior year.
The company’s adjusted earnings per share witnessed a significant boost, increasing by 20% to $1.96 in Q3 and by 16% to
$5.34 in the first nine months of 2023 compared to the previous year. The adjusted
operating margin showed strong growth, with a 290 basis point increase to 38.1%
in Q3 and a 250 basis point increase to 36.1% in the first nine months of 2023.
In September 2023, Fiserv acquired the remaining 49%
ownership interest in European Merchant Services B.V., a Netherlands-based
merchant acceptance business.
Fiserv has raised its full-year 2023 outlook, now
expecting a growth of 11% in revenue and a growth of 15% to 16% in the adjusted
earnings per share, with a range of $7.47 to $7.52 per share.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.financemagnates.com//fintech/fiserv-raises-revenue-outlook-following-108-surge-in-q3-eps/
