Financial
services technology solutions provider Fiserv (NYSE: FI) has unveiled its
strong financial results for the second quarter of 2023. The publicly-listed
company has increased its overall revenue and organic revenue growth outlook, marking
another uptick in its projected performance.
Fiserv
reported a GAAP revenue increase of 7% for Q2 2023, bringing the total to $4.76
billion, up from the prior year’s period when the revenue stood at $4.45
billion. This growth was primarily driven by the Acceptance and Payments
segments, which saw increases of 9% and 8%, respectively.
However,
the Fintech segment experienced a slight decrease, reporting a 2% drop in
revenue. GAAP earnings per share (EPS) also saw a significant boost, rising 20%
to $1.10 for the quarter and 3% to $1.99 for the year’s first half compared to
the same period in 2022.
“We
delivered our ninth consecutive quarter of double-digit organic revenue growth,
as we sustained our momentum in merchant acceptance and expanded our digital
payments proposition for financial institutions,” Frank Bisignano, the Chairman,
President and Chief Executive Officer of Fiserv, commented. He added that the
company’s broad range of products and clients continues to drive its “standout
performance.”
It’s @Fiserv‘s lucky day 🍀 CEO Frank Bisignano takes us through the growth he’s seeing in @clovercommerce on the heels of a Q2 earnings beat. pic.twitter.com/3c3Wv6aCbe
— Squawk on the Street (@SquawkStreet) July 26, 2023
The company
also reported an increase in total revenue for the first half of the year to
$9.3 billion, up from $8.5 billion reported the previous year. The net profit
was $695 million for Q2 2023 and $1.27 billion for H1 2023. Although it
significantly increased on a quarterly basis, it noted a modest decrease of $20
million on a semiannual basis.
Source: Fiserv
Fiserv Updates Outlook for 2023
In light of
strong Q2 results, Fiserv has updated its full-year outlook for 2023. The
company now predicts organic revenue growth of between 9% and 11%, with
adjusted earnings per share forecast to be in the range of $7.40 to $7.50. This
marks a growth of 14% to 16%.
“Our
actions to invest, integrate and innovate have resulted in strong demand for
our products and greater productivity for our associates,” Bisignano
concluded.
Last year, the company launched AppMarket. This innovative solution allows financial companies to integrate fintech capabilities into their banking services. Furthermore, Fiserv has successfully acquired Finxact, a leading provider of digital banking solutions.
Financial
services technology solutions provider Fiserv (NYSE: FI) has unveiled its
strong financial results for the second quarter of 2023. The publicly-listed
company has increased its overall revenue and organic revenue growth outlook, marking
another uptick in its projected performance.
Fiserv
reported a GAAP revenue increase of 7% for Q2 2023, bringing the total to $4.76
billion, up from the prior year’s period when the revenue stood at $4.45
billion. This growth was primarily driven by the Acceptance and Payments
segments, which saw increases of 9% and 8%, respectively.
However,
the Fintech segment experienced a slight decrease, reporting a 2% drop in
revenue. GAAP earnings per share (EPS) also saw a significant boost, rising 20%
to $1.10 for the quarter and 3% to $1.99 for the year’s first half compared to
the same period in 2022.
“We
delivered our ninth consecutive quarter of double-digit organic revenue growth,
as we sustained our momentum in merchant acceptance and expanded our digital
payments proposition for financial institutions,” Frank Bisignano, the Chairman,
President and Chief Executive Officer of Fiserv, commented. He added that the
company’s broad range of products and clients continues to drive its “standout
performance.”
It’s @Fiserv‘s lucky day 🍀 CEO Frank Bisignano takes us through the growth he’s seeing in @clovercommerce on the heels of a Q2 earnings beat. pic.twitter.com/3c3Wv6aCbe
— Squawk on the Street (@SquawkStreet) July 26, 2023
The company
also reported an increase in total revenue for the first half of the year to
$9.3 billion, up from $8.5 billion reported the previous year. The net profit
was $695 million for Q2 2023 and $1.27 billion for H1 2023. Although it
significantly increased on a quarterly basis, it noted a modest decrease of $20
million on a semiannual basis.
Source: Fiserv
Fiserv Updates Outlook for 2023
In light of
strong Q2 results, Fiserv has updated its full-year outlook for 2023. The
company now predicts organic revenue growth of between 9% and 11%, with
adjusted earnings per share forecast to be in the range of $7.40 to $7.50. This
marks a growth of 14% to 16%.
“Our
actions to invest, integrate and innovate have resulted in strong demand for
our products and greater productivity for our associates,” Bisignano
concluded.
Last year, the company launched AppMarket. This innovative solution allows financial companies to integrate fintech capabilities into their banking services. Furthermore, Fiserv has successfully acquired Finxact, a leading provider of digital banking solutions.
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- Source: https://www.financemagnates.com//fintech/fiserv-reports-revenue-of-93b-in-h1-2023-but-net-income-drops/
